Loan Comparison: 3.16% vs 6.5%
6052 Dancing Sun, Colorado Springs, CO 80911 · 4bd/4ba · $470,000
List Price
$470,000
Assumable Rate
3.16%
Remaining Balance
$312,400
Equity Gap
$157,600
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$157,600
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 3.16% + gap loan
$2,375/moAssumed loan: $1,344/mo
Gap financing: $1,031/mo
$447less per month with the assumable
Your Savings on This Property
6052 Dancing Sun, Colorado Springs · 3.16% FHA vs 6.5% conventional
$447
per month
$5,362
per year
$160,873
over 30 years
$160,873
interest saved
How gap financing works: The equity gap ($157,600) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($134,100 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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