Loan Comparison: 3.44% vs 6.5%
3515 Queen Anne, Colorado Springs, CO 80917 · 2bd/2ba · $239,900
List Price
$239,900
Assumable Rate
3.44%
Remaining Balance
$100,600
Equity Gap
$139,300
Loan Type
FHAAdjust Your Scenario
$11,995
$11,995$139,300
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.44% (FHA)
Blended Rate: 6.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,441/moAssumable @ 3.44% + gap loan
$1,427/moAssumed loan: $448/mo
Gap financing: $979/mo
$13less per month with the assumable
Your Savings on This Property
3515 Queen Anne, Colorado Springs · 3.44% FHA vs 6.5% conventional
$13
per month
$159
per year
$4,778
over 30 years
$4,778
interest saved
How gap financing works: The equity gap ($139,300) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,995, 5% of purchase price) and a second mortgage for the rest ($127,305 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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