Loan Comparison: 3.76% vs 6.5%
896 Prairie, Milliken, CO 80543 · 4bd/4ba · $530,000
List Price
$530,000
Assumable Rate
3.76%
Remaining Balance
$470,480
Equity Gap
$77,615
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$77,615
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 3.76% + gap loan
$2,575/moAssumed loan: $2,182/mo
Gap financing: $393/mo
$608less per month with the assumable
Your Savings on This Property
896 Prairie, Milliken · 3.76% FHA vs 6.5% conventional
$608
per month
$7,295
per year
$218,842
over 30 years
$236,937
interest saved
How gap financing works: The equity gap ($77,615) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($51,115 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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