Loan Comparison: 2.96% vs 6.5%
9466 Shinnecock, Peyton, CO 80831 · 4bd/4ba · $474,900
List Price
$474,900
Assumable Rate
2.96%
Remaining Balance
$352,056
Equity Gap
$122,844
Loan Type
FHAAdjust Your Scenario
$23,745
$23,745$122,844
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.96% + gap loan
$2,239/moAssumed loan: $1,477/mo
Gap financing: $762/mo
$613less per month with the assumable
Your Savings on This Property
9466 Shinnecock, Peyton · 2.96% FHA vs 6.5% conventional
$613
per month
$7,355
per year
$220,652
over 30 years
$220,652
interest saved
How gap financing works: The equity gap ($122,844) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,745, 5% of purchase price) and a second mortgage for the rest ($99,099 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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