Loan Comparison: 2.87% vs 6.5%
560 Manor, Woodland Park, CO 80863 · 2bd/2ba · $349,900
List Price
$349,900
Assumable Rate
2.87%
Remaining Balance
$282,466
Equity Gap
$67,434
Loan Type
FHAAdjust Your Scenario
$17,495
$17,495$67,434
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 2.87% + gap loan
$1,555/moAssumed loan: $1,171/mo
Gap financing: $384/mo
$546less per month with the assumable
Your Savings on This Property
560 Manor, Woodland Park · 2.87% FHA vs 6.5% conventional
$546
per month
$6,550
per year
$196,511
over 30 years
$196,511
interest saved
How gap financing works: The equity gap ($67,434) 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 ($49,939 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.
📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.