Loan Comparison: 2.95% vs 6.5%
137 McShane, Monument, CO 80132 · 5bd/2ba · $485,000
List Price
$485,000
Assumable Rate
2.95%
Remaining Balance
$357,857
Equity Gap
$127,142
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$127,142
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.95% (FHA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.95% + gap loan
$2,290/moAssumed loan: $1,499/mo
Gap financing: $791/mo
$622less per month with the assumable
Your Savings on This Property
137 McShane, Monument · 2.95% FHA vs 6.5% conventional
$622
per month
$7,464
per year
$223,919
over 30 years
$223,918
interest saved
How gap financing works: The equity gap ($127,142) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($102,892 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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