Loan Comparison: 3.16% vs 6.5%
18295 Michigan Creek, Parker, CO 80134 · 3bd/3ba · $599,000
List Price
$599,000
Assumable Rate
3.16%
Remaining Balance
$385,298
Equity Gap
$212,839
Loan Type
FHAAdjust Your Scenario
$29,950
$29,950$212,839
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 3.16% + gap loan
$3,064/moAssumed loan: $1,658/mo
Gap financing: $1,406/mo
$533less per month with the assumable
Your Savings on This Property
18295 Michigan Creek, Parker · 3.16% FHA vs 6.5% conventional
$533
per month
$6,392
per year
$191,756
over 30 years
$190,893
interest saved
How gap financing works: The equity gap ($212,839) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($182,889 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.
🏠
Back to This Listing
View photos, details, and request a showing for 18295 Michigan Creek.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.