Loan Comparison: 3.61% vs 6.5%
2535 Hatch, Colorado Springs, CO 80918 · 2bd/3ba · $279,900
List Price
$279,900
Assumable Rate
3.61%
Remaining Balance
$122,728
Equity Gap
$157,519
Loan Type
FHAAdjust Your Scenario
$13,995
$13,995$157,519
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 6.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.61% + gap loan
$1,662/moAssumed loan: $559/mo
Gap financing: $1,104/mo
$18less per month with the assumable
Your Savings on This Property
2535 Hatch, Colorado Springs · 3.61% FHA vs 6.5% conventional
$18
per month
$221
per year
$6,645
over 30 years
$6,992
interest saved
How gap financing works: The equity gap ($157,519) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,995, 5% of purchase price) and a second mortgage for the rest ($143,524 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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