Loan Comparison: 2.96% vs 6.5%
3375 Spotted Tail, Colorado Springs, CO 80916 · 4bd/2ba · $440,000
List Price
$440,000
Assumable Rate
2.96%
Remaining Balance
$373,368
Equity Gap
$81,783
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$81,783
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.96% + gap loan
$2,026/moAssumed loan: $1,566/mo
Gap financing: $460/mo
$616less per month with the assumable
Your Savings on This Property
3375 Spotted Tail, Colorado Springs · 2.96% FHA vs 6.5% conventional
$616
per month
$7,395
per year
$221,858
over 30 years
$237,009
interest saved
How gap financing works: The equity gap ($81,783) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($59,783 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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