Loan Comparison: 3.02% vs 6.5%
7649 Grand Fir, Colorado Springs, CO 80908 · 3bd/3ba · $345,000
List Price
$345,000
Assumable Rate
3.02%
Remaining Balance
$251,548
Equity Gap
$93,452
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$93,452
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 3.02% + gap loan
$1,649/moAssumed loan: $1,063/mo
Gap financing: $586/mo
$422less per month with the assumable
Your Savings on This Property
7649 Grand Fir, Colorado Springs · 3.02% FHA vs 6.5% conventional
$422
per month
$5,069
per year
$152,073
over 30 years
$152,073
interest saved
How gap financing works: The equity gap ($93,452) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($76,202 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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