Loan Comparison: 2.83% vs 6.5%
2201 Stage Coach, Milliken, CO 80543 · 2bd/3ba · $325,000
List Price
$325,000
Assumable Rate
2.83%
Remaining Balance
$240,549
Equity Gap
$83,892
Loan Type
FHAAdjust Your Scenario
$16,250
$16,250$83,892
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,952/moAssumable @ 2.83% + gap loan
$1,512/moAssumed loan: $992/mo
Gap financing: $520/mo
$439less per month with the assumable
Your Savings on This Property
2201 Stage Coach, Milliken · 2.83% FHA vs 6.5% conventional
$439
per month
$5,270
per year
$158,097
over 30 years
$157,538
interest saved
How gap financing works: The equity gap ($83,892) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,250, 5% of purchase price) and a second mortgage for the rest ($67,642 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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