Loan Comparison: 2.87% vs 6.5%
4294 Gray Fox, Colorado Springs, CO 80922 · 3bd/2ba · $265,000
List Price
$265,000
Assumable Rate
2.87%
Remaining Balance
$204,426
Equity Gap
$61,024
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$61,024
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 2.87% + gap loan
$1,215/moAssumed loan: $848/mo
Gap financing: $367/mo
$376less per month with the assumable
Your Savings on This Property
4294 Gray Fox, Colorado Springs · 2.87% FHA vs 6.5% conventional
$376
per month
$4,515
per year
$135,464
over 30 years
$135,914
interest saved
How gap financing works: The equity gap ($61,024) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,250, 5% of purchase price) and a second mortgage for the rest ($47,774 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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