Loan Comparison: 2.9% vs 6.5%
52 Willis, Colorado Springs, CO 80911 · 4bd/2ba · $349,900
List Price
$349,900
Assumable Rate
2.9%
Remaining Balance
$308,030
Equity Gap
$42,536
Loan Type
FHAAdjust Your Scenario
$17,495
$17,495$42,536
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 2.9% + gap loan
$1,475/moAssumed loan: $1,282/mo
Gap financing: $193/mo
$626less per month with the assumable
Your Savings on This Property
52 Willis, Colorado Springs · 2.9% FHA vs 6.5% conventional
$626
per month
$7,516
per year
$225,493
over 30 years
$226,159
interest saved
How gap financing works: The equity gap ($42,536) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($25,041 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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