Loan Comparison: 2.9% vs 6.5%
2504 Carriage, Milliken, CO 80543 · 3bd/3ba · $440,000
List Price
$440,000
Assumable Rate
2.9%
Remaining Balance
$381,166
Equity Gap
$74,305
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$74,305
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.9% + gap loan
$1,989/moAssumed loan: $1,587/mo
Gap financing: $402/mo
$653less per month with the assumable
Your Savings on This Property
2504 Carriage, Milliken · 2.9% FHA vs 6.5% conventional
$653
per month
$7,840
per year
$235,201
over 30 years
$250,672
interest saved
How gap financing works: The equity gap ($74,305) 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 ($52,305 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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