Loan Comparison: 2.87% vs 6.5%
1830 McArthur, Colorado Springs, CO 80909 · 3bd/1ba · $399,900
List Price
$399,900
Assumable Rate
2.87%
Remaining Balance
$294,149
Equity Gap
$105,750
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$105,750
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.87% + gap loan
$1,879/moAssumed loan: $1,220/mo
Gap financing: $659/mo
$522less per month with the assumable
Your Savings on This Property
1830 McArthur, Colorado Springs · 2.87% FHA vs 6.5% conventional
$522
per month
$6,267
per year
$188,014
over 30 years
$188,013
interest saved
How gap financing works: The equity gap ($105,750) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($85,755 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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