Loan Comparison: 3.18% vs 6.5%
538 Bickley, Colorado Springs, CO 80911 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
3.18%
Remaining Balance
$257,810
Equity Gap
$142,189
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$142,189
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (FHA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.18% + gap loan
$2,052/moAssumed loan: $1,112/mo
Gap financing: $940/mo
$350less per month with the assumable
Your Savings on This Property
538 Bickley, Colorado Springs · 3.18% FHA vs 6.5% conventional
$350
per month
$4,202
per year
$126,074
over 30 years
$126,073
interest saved
How gap financing works: The equity gap ($142,189) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($122,189 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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