Loan Comparison: 3.72% vs 6.5%
1113 Norwood, Colorado Springs, CO 80905 · 2bd/1ba · $285,000
List Price
$285,000
Assumable Rate
3.72%
Remaining Balance
$202,607
Equity Gap
$81,523
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$81,523
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.72% (FHA)
Blended Rate: 4.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 3.72% + gap loan
$1,452/moAssumed loan: $935/mo
Gap financing: $517/mo
$259less per month with the assumable
Your Savings on This Property
1113 Norwood, Colorado Springs · 3.72% FHA vs 6.5% conventional
$259
per month
$3,110
per year
$93,310
over 30 years
$92,440
interest saved
How gap financing works: The equity gap ($81,523) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($67,273 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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