Loan Comparison: 2.87% vs 6.5%
560 Manor Court, Woodland Park, CO 80863 · 3bd/2ba · $349,900
List Price
$349,900
Assumable Rate
2.87%
Remaining Balance
$279,948
Equity Gap
$69,951
Loan Type
FHAAdjust Your Scenario
$17,495
$17,495$69,951
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 2.87% + gap loan
$1,528/moAssumed loan: $1,161/mo
Gap financing: $367/mo
$574less per month with the assumable
Your Savings on This Property
560 Manor Court, Woodland Park · 2.87% FHA vs 6.5% conventional
$574
per month
$6,882
per year
$206,464
over 30 years
$206,463
interest saved
How gap financing works: The equity gap ($69,951) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($52,456 at 7.5%). 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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