Loan Comparison: 4.98% vs 6.5%
5784 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $383,000
List Price
$383,000
Assumable Rate
4.98%
Remaining Balance
$318,051
Equity Gap
$64,949
Loan Type
FHAAdjust Your Scenario
$19,150
$19,150$64,949
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%
$2,300/moAssumable @ 4.98% + gap loan
$2,056/moAssumed loan: $1,703/mo
Gap financing: $352/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
$2,930
per year
$87,892
over 30 years
$87,892
interest saved
How gap financing works: The equity gap ($64,949) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,150, 5% of purchase price) and a second mortgage for the rest ($45,799 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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