Loan Comparison: 2.98% vs 6.5%
6 Audubon, Colorado Springs, CO 80910 · 2bd/2ba · $335,000
List Price
$335,000
Assumable Rate
2.98%
Remaining Balance
$248,174
Equity Gap
$86,825
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$86,825
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.98% + gap loan
$1,582/moAssumed loan: $1,044/mo
Gap financing: $539/mo
$429less per month with the assumable
Your Savings on This Property
6 Audubon, Colorado Springs · 2.98% FHA vs 6.5% conventional
$429
per month
$5,149
per year
$154,477
over 30 years
$154,476
interest saved
How gap financing works: The equity gap ($86,825) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($70,075 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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