Loan Comparison: 3.16% vs 6.5%
193 Dogwood Street, Milliken, CO 80543 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
3.16%
Remaining Balance
$298,078
Equity Gap
$176,922
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$176,922
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.16% + gap loan
$2,354/moAssumed loan: $1,283/mo
Gap financing: $1,071/mo
$499less per month with the assumable
Your Savings on This Property
193 Dogwood Street, Milliken · 3.16% FHA vs 6.5% conventional
$499
per month
$5,984
per year
$179,507
over 30 years
$179,507
interest saved
How gap financing works: The equity gap ($176,922) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($153,172 at 7.5%). 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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