Loan Comparison: 2.98% vs 6.5%
410 Yucca, Colorado Springs, CO 80905 · 3bd/2ba · $415,000
List Price
$415,000
Assumable Rate
2.98%
Remaining Balance
$363,145
Equity Gap
$67,343
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$67,343
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.98% + gap loan
$1,885/moAssumed loan: $1,527/mo
Gap financing: $358/mo
$607less per month with the assumable
Your Savings on This Property
410 Yucca, Colorado Springs · 2.98% FHA vs 6.5% conventional
$607
per month
$7,279
per year
$218,358
over 30 years
$233,846
interest saved
How gap financing works: The equity gap ($67,343) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($46,593 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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