Loan Comparison: 2.95% vs 6.5%
137 McShane, Monument, CO 80132 · 5bd/2ba · $500,000
List Price
$500,000
Assumable Rate
2.95%
Remaining Balance
$374,515
Equity Gap
$142,142
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$142,142
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.95% (FHA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.95% + gap loan
$2,470/moAssumed loan: $1,569/mo
Gap financing: $901/mo
$533less per month with the assumable
Your Savings on This Property
137 McShane, Monument · 2.95% FHA vs 6.5% conventional
$533
per month
$6,393
per year
$191,777
over 30 years
$208,434
interest saved
How gap financing works: The equity gap ($142,142) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($117,142 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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