Loan Comparison: 3.45% vs 6.5%
615 Chamberlin, Colorado Springs, CO 80906 · 5bd/3ba · $467,000
List Price
$467,000
Assumable Rate
3.45%
Remaining Balance
$298,265
Equity Gap
$181,713
Loan Type
FHAAdjust Your Scenario
$23,350
$23,350$181,713
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,804/moAssumable @ 3.45% + gap loan
$2,549/moAssumed loan: $1,331/mo
Gap financing: $1,218/mo
$255less per month with the assumable
Your Savings on This Property
615 Chamberlin, Colorado Springs · 3.45% FHA vs 6.5% conventional
$255
per month
$3,066
per year
$91,967
over 30 years
$104,945
interest saved
How gap financing works: The equity gap ($181,713) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,350, 5% of purchase price) and a second mortgage for the rest ($158,363 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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