Loan Comparison: 3.76% vs 6.5%
896 Prairie, Milliken, CO 80543 · 4bd/4ba · $540,000
List Price
$540,000
Assumable Rate
3.76%
Remaining Balance
$454,952
Equity Gap
$85,047
Loan Type
FHAAdjust Your Scenario
$27,000
$27,000$85,047
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 3.76% + gap loan
$2,556/moAssumed loan: $2,110/mo
Gap financing: $446/mo
$687less per month with the assumable
Your Savings on This Property
896 Prairie, Milliken · 3.76% FHA vs 6.5% conventional
$687
per month
$8,240
per year
$247,191
over 30 years
$247,190
interest saved
How gap financing works: The equity gap ($85,047) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($58,047 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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