Loan Comparison: 2.24% vs 6.5%
2434 Carriage, Milliken, CO 80543 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.24%
Remaining Balance
$216,671
Equity Gap
$241,095
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$241,095
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.24% (FHA)
Blended Rate: 5.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.24% + gap loan
$2,508/moAssumed loan: $827/mo
Gap financing: $1,681/mo
$194less per month with the assumable
Your Savings on This Property
2434 Carriage, Milliken · 2.24% FHA vs 6.5% conventional
$194
per month
$2,330
per year
$69,902
over 30 years
$77,668
interest saved
How gap financing works: The equity gap ($241,095) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($218,595 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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