Loan Comparison: 2.9% vs 6.5%
208 Iron, Manitou Springs, CO 80829 · 3bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.9%
Remaining Balance
$237,946
Equity Gap
$222,054
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$222,054
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.9% + gap loan
$2,521/moAssumed loan: $990/mo
Gap financing: $1,531/mo
$241less per month with the assumable
Your Savings on This Property
208 Iron, Manitou Springs · 2.9% FHA vs 6.5% conventional
$241
per month
$2,894
per year
$86,825
over 30 years
$86,825
interest saved
How gap financing works: The equity gap ($222,054) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($199,054 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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