Loan Comparison: 2.77% vs 6.5%
1649 Reilly, Colorado Springs, CO 80951 · 2bd/3ba · $304,500
List Price
$304,500
Assumable Rate
2.77%
Remaining Balance
$218,803
Equity Gap
$106,158
Loan Type
FHAAdjust Your Scenario
$15,225
$15,225$106,158
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,828/moAssumable @ 2.77% + gap loan
$1,595/moAssumed loan: $896/mo
Gap financing: $699/mo
$234less per month with the assumable
Your Savings on This Property
1649 Reilly, Colorado Springs · 2.77% FHA vs 6.5% conventional
$234
per month
$2,804
per year
$84,116
over 30 years
$104,577
interest saved
How gap financing works: The equity gap ($106,158) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,225, 5% of purchase price) and a second mortgage for the rest ($90,933 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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