Loan Comparison: 4.98% vs 6.5%
5784 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $382,000
List Price
$382,000
Assumable Rate
4.98%
Remaining Balance
$317,562
Equity Gap
$64,437
Loan Type
FHAAdjust Your Scenario
$19,100
$19,100$64,437
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,294/moAssumable @ 4.98% + gap loan
$2,049/moAssumed loan: $1,701/mo
Gap financing: $349/mo
$244less per month with the assumable
Your Savings on This Property
5784 Tramore, Colorado Springs · 4.98% FHA vs 6.5% conventional
$244
per month
$2,932
per year
$87,952
over 30 years
$87,951
interest saved
How gap financing works: The equity gap ($64,437) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,100, 5% of purchase price) and a second mortgage for the rest ($45,337 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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