Loan Comparison: 2.83% vs 6.5%
1125 Manitou, Manitou Springs, CO 80829 · 4bd/3ba · $725,000
List Price
$725,000
Assumable Rate
2.83%
Remaining Balance
$432,110
Equity Gap
$292,889
Loan Type
FHAAdjust Your Scenario
$36,250
$36,250$292,889
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,353/moAssumable @ 2.83% + gap loan
$3,756/moAssumed loan: $1,782/mo
Gap financing: $1,973/mo
$598less per month with the assumable
Your Savings on This Property
1125 Manitou, Manitou Springs · 2.83% FHA vs 6.5% conventional
$598
per month
$7,171
per year
$215,144
over 30 years
$215,143
interest saved
How gap financing works: The equity gap ($292,889) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,250, 5% of purchase price) and a second mortgage for the rest ($256,639 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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