Loan Comparison: 3.61% vs 6.5%
1027 Arch, Colorado Springs, CO 80904 · 2bd/1ba · $365,000
List Price
$365,000
Assumable Rate
3.61%
Remaining Balance
$191,422
Equity Gap
$173,149
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$173,149
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.61% + gap loan
$2,062/moAssumed loan: $871/mo
Gap financing: $1,191/mo
$129less per month with the assumable
Your Savings on This Property
1027 Arch, Colorado Springs · 3.61% FHA vs 6.5% conventional
$129
per month
$1,551
per year
$46,544
over 30 years
$46,115
interest saved
How gap financing works: The equity gap ($173,149) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($154,899 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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