Loan Comparison: 3.77% vs 6.5%
8087 Mockorange, Colorado Springs, CO 80908 · 3bd/3ba · $435,000
List Price
$435,000
Assumable Rate
3.77%
Remaining Balance
$254,099
Equity Gap
$198,121
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$198,121
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.77% (FHA)
Blended Rate: 5.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.77% + gap loan
$2,536/moAssumed loan: $1,180/mo
Gap financing: $1,356/mo
$76less per month with the assumable
Your Savings on This Property
8087 Mockorange, Colorado Springs · 3.77% FHA vs 6.5% conventional
$76
per month
$915
per year
$27,440
over 30 years
$44,660
interest saved
How gap financing works: The equity gap ($198,121) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($176,371 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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