Loan Comparison: 2.96% vs 6.5%
9466 Shinnecock, Peyton, CO 80831 · 4bd/4ba · $485,000
List Price
$485,000
Assumable Rate
2.96%
Remaining Balance
$365,328
Equity Gap
$132,944
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$132,944
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.96% + gap loan
$2,368/moAssumed loan: $1,532/mo
Gap financing: $836/mo
$544less per month with the assumable
Your Savings on This Property
9466 Shinnecock, Peyton · 2.96% FHA vs 6.5% conventional
$544
per month
$6,529
per year
$195,884
over 30 years
$209,156
interest saved
How gap financing works: The equity gap ($132,944) 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 ($108,694 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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