Loan Comparison: 3.6% vs 6.5%
1003 Settlers, Milliken, CO 80543 · 5bd/2ba · $520,000
List Price
$520,000
Assumable Rate
3.6%
Remaining Balance
$306,670
Equity Gap
$295,175
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$295,175
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 5.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 3.6% + gap loan
$3,464/moAssumed loan: $1,394/mo
Gap financing: $2,070/mo
Your Savings on This Property
1003 Settlers, Milliken · 3.6% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($295,175) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($269,175 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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