Loan Comparison: 3.06% vs 6.5%
907 Prairie, Milliken, CO 80543 · 3bd/2ba · $440,000
List Price
$440,000
Assumable Rate
3.06%
Remaining Balance
$404,158
Equity Gap
$66,122
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$66,122
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 3.06% + gap loan
$2,056/moAssumed loan: $1,717/mo
Gap financing: $339/mo
$586less per month with the assumable
Your Savings on This Property
907 Prairie, Milliken · 3.06% FHA vs 6.5% conventional
$586
per month
$7,029
per year
$210,863
over 30 years
$241,143
interest saved
How gap financing works: The equity gap ($66,122) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($44,122 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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