Loan Comparison: 5.41% vs 6.5%
140 WILD GRASS, Colorado Springs, CO 80919 · 3bd/3ba · $549,900
List Price
$549,900
Assumable Rate
5.41%
Remaining Balance
$444,016
Equity Gap
$105,883
Loan Type
FHAAdjust Your Scenario
$27,495
$27,495$105,883
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.41% (FHA)
Blended Rate: 5.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,302/moAssumable @ 5.41% + gap loan
$3,099/moAssumed loan: $2,496/mo
Gap financing: $603/mo
$203less per month with the assumable
Your Savings on This Property
140 WILD GRASS, Colorado Springs · 5.41% FHA vs 6.5% conventional
$203
per month
$2,438
per year
$73,138
over 30 years
$73,137
interest saved
How gap financing works: The equity gap ($105,883) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,495, 5% of purchase price) and a second mortgage for the rest ($78,388 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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