Loan Comparison: 2.98% vs 6.5%
7507 Greenough, Peyton, CO 80831 · 3bd/4ba · $429,999
List Price
$429,999
Assumable Rate
2.98%
Remaining Balance
$361,684
Equity Gap
$82,225
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$82,225
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.98% + gap loan
$1,988/moAssumed loan: $1,521/mo
Gap financing: $467/mo
$594less per month with the assumable
Your Savings on This Property
7507 Greenough, Peyton · 2.98% FHA vs 6.5% conventional
$594
per month
$7,129
per year
$213,874
over 30 years
$227,784
interest saved
How gap financing works: The equity gap ($82,225) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($60,725 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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