Loan Comparison: 2.83% vs 6.5%
2201 Stage Coach, Milliken, CO 80543 · 2bd/3ba · $328,000
List Price
$328,000
Assumable Rate
2.83%
Remaining Balance
$241,665
Equity Gap
$86,335
Loan Type
FHAAdjust Your Scenario
$16,400
$16,400$86,335
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,970/moAssumable @ 2.83% + gap loan
$1,535/moAssumed loan: $997/mo
Gap financing: $538/mo
$435less per month with the assumable
Your Savings on This Property
2201 Stage Coach, Milliken · 2.83% FHA vs 6.5% conventional
$435
per month
$5,219
per year
$156,578
over 30 years
$156,578
interest saved
How gap financing works: The equity gap ($86,335) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,400, 5% of purchase price) and a second mortgage for the rest ($69,935 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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