Loan Comparison: 3.61% vs 6.5%
6292 John Muir, Colorado Springs, CO 80927 · 3bd/2ba · $399,900
List Price
$399,900
Assumable Rate
3.61%
Remaining Balance
$251,538
Equity Gap
$147,802
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$147,802
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.61% + gap loan
$2,128/moAssumed loan: $1,145/mo
Gap financing: $983/mo
$274less per month with the assumable
Your Savings on This Property
6292 John Muir, Colorado Springs · 3.61% FHA vs 6.5% conventional
$274
per month
$3,282
per year
$98,465
over 30 years
$97,905
interest saved
How gap financing works: The equity gap ($147,802) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($127,807 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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