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
$250,400
Equity Gap
$94,600
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$94,600
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 3.02% + gap loan
$1,653/moAssumed loan: $1,058/mo
Gap financing: $595/mo
$418less per month with the assumable
Your Savings on This Property
7649 Grand Fir, Colorado Springs · 3.02% FHA vs 6.5% conventional
$418
per month
$5,021
per year
$150,642
over 30 years
$150,642
interest saved
How gap financing works: The equity gap ($94,600) 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 ($77,350 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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