Loan Comparison: 5.89% vs 6.5%
754 Arrowhead Pass, Colorado Springs, CO 80907 · 3bd/3ba · $430,000
List Price
$430,000
Assumable Rate
5.89%
Remaining Balance
$327,107
Equity Gap
$102,893
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$102,893
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.89% (FHA)
Blended Rate: 6.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 5.89% + gap loan
$2,564/moAssumed loan: $1,938/mo
Gap financing: $626/mo
$18less per month with the assumable
Your Savings on This Property
754 Arrowhead Pass, Colorado Springs · 5.89% FHA vs 6.5% conventional
$18
per month
$217
per year
$6,501
over 30 years
$6,501
interest saved
How gap financing works: The equity gap ($102,893) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($81,393 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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