Loan Comparison: 2.98% vs 6.5%
822 Settlers, Milliken, CO 80543 · 3bd/2ba · $474,900
List Price
$474,900
Assumable Rate
2.98%
Remaining Balance
$390,011
Equity Gap
$84,889
Loan Type
FHAAdjust Your Scenario
$23,745
$23,745$84,889
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.98% + gap loan
$2,110/moAssumed loan: $1,640/mo
Gap financing: $470/mo
$741less per month with the assumable
Your Savings on This Property
822 Settlers, Milliken · 2.98% FHA vs 6.5% conventional
$741
per month
$8,896
per year
$266,891
over 30 years
$266,891
interest saved
How gap financing works: The equity gap ($84,889) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,745, 5% of purchase price) and a second mortgage for the rest ($61,144 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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