Loan Comparison: 5.38% vs 6.5%
326 Mount View, Colorado Springs, CO 80907 · 2bd/1ba · $274,900
List Price
$274,900
Assumable Rate
5.38%
Remaining Balance
$2,962
Equity Gap
$232,540
Loan Type
FHAAdjust Your Scenario
$13,745
$13,745$232,540
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.38% (FHA)
Blended Rate: 8.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 5.38% + gap loan
$1,699/moAssumed loan: $17/mo
Gap financing: $1,682/mo
Your Savings on This Property
326 Mount View, Colorado Springs · 5.38% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($232,540) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,745, 5% of purchase price) and a second mortgage for the rest ($218,795 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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