Loan Comparison: 2.9% vs 6.5%
208 Iron, Manitou Springs, CO 80829 · 3bd/2ba · $445,000
List Price
$445,000
Assumable Rate
2.9%
Remaining Balance
$237,420
Equity Gap
$207,580
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$207,580
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 5.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 2.9% + gap loan
$2,413/moAssumed loan: $988/mo
Gap financing: $1,425/mo
$259less per month with the assumable
Your Savings on This Property
208 Iron, Manitou Springs · 2.9% FHA vs 6.5% conventional
$259
per month
$3,106
per year
$93,178
over 30 years
$93,178
interest saved
How gap financing works: The equity gap ($207,580) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($185,330 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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