Loan Comparison: 3.06% vs 6.5%
10380 Castor, Colorado Springs, CO 80925 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.06%
Remaining Balance
$324,728
Equity Gap
$103,235
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$103,235
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 4.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.06% + gap loan
$2,014/moAssumed loan: $1,380/mo
Gap financing: $634/mo
$478less per month with the assumable
Your Savings on This Property
10380 Castor, Colorado Springs · 3.06% FHA vs 6.5% conventional
$478
per month
$5,737
per year
$172,114
over 30 years
$185,077
interest saved
How gap financing works: The equity gap ($103,235) 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 ($82,485 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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