Loan Comparison: 3.16% vs 6.5%
7423 Sand Lake, Colorado Springs, CO 80908 · 3bd/3ba · $365,000
List Price
$365,000
Assumable Rate
3.16%
Remaining Balance
$263,238
Equity Gap
$117,282
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$117,282
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.16% + gap loan
$1,894/moAssumed loan: $1,133/mo
Gap financing: $761/mo
$298less per month with the assumable
Your Savings on This Property
7423 Sand Lake, Colorado Springs · 3.16% FHA vs 6.5% conventional
$298
per month
$3,571
per year
$107,121
over 30 years
$122,641
interest saved
How gap financing works: The equity gap ($117,282) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($99,032 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.
🏠
Back to This Listing
View photos, details, and request a showing for 7423 Sand Lake.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.