Loan Comparison: 3.76% vs 6.5%
5052 Rainbow Harbour, Colorado Springs, CO 80917 · 2bd/1ba · $225,000
List Price
$225,000
Assumable Rate
3.76%
Remaining Balance
$96,542
Equity Gap
$128,458
Loan Type
FHAAdjust Your Scenario
$11,250
$11,250$128,458
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 6.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,351/moAssumable @ 3.76% + gap loan
$1,349/moAssumed loan: $448/mo
Gap financing: $901/mo
$2less per month with the assumable
Your Savings on This Property
5052 Rainbow Harbour, Colorado Springs · 3.76% FHA vs 6.5% conventional
$2
per month
$26
per year
$781
over 30 years
$781
interest saved
How gap financing works: The equity gap ($128,458) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,250, 5% of purchase price) and a second mortgage for the rest ($117,208 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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