Loan Comparison: 2.98% vs 6.5%
822 Settlers, Milliken, CO 80543 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
2.98%
Remaining Balance
$390,865
Equity Gap
$84,134
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$84,134
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.98% + gap loan
$2,108/moAssumed loan: $1,644/mo
Gap financing: $464/mo
$744less per month with the assumable
Your Savings on This Property
822 Settlers, Milliken · 2.98% FHA vs 6.5% conventional
$744
per month
$8,931
per year
$267,918
over 30 years
$267,917
interest saved
How gap financing works: The equity gap ($84,134) 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 ($60,384 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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