Loan Comparison: 2.68% vs 6.5%
2143 Shady Aspen, Colorado Springs, CO 80921 · 3bd/3ba · $398,000
List Price
$398,000
Assumable Rate
2.68%
Remaining Balance
$312,535
Equity Gap
$83,998
Loan Type
FHAAdjust Your Scenario
$19,900
$19,900$83,998
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 3.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,390/moAssumable @ 2.68% + gap loan
$1,757/moAssumed loan: $1,264/mo
Gap financing: $493/mo
$633less per month with the assumable
Your Savings on This Property
2143 Shady Aspen, Colorado Springs · 2.68% FHA vs 6.5% conventional
$633
per month
$7,592
per year
$227,755
over 30 years
$226,288
interest saved
How gap financing works: The equity gap ($83,998) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,900, 5% of purchase price) and a second mortgage for the rest ($64,098 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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