Loan Comparison: 2.87% vs 6.5%
603 Carriage, Milliken, CO 80543 · 3bd/2ba · $373,000
List Price
$373,000
Assumable Rate
2.87%
Remaining Balance
$298,886
Equity Gap
$86,282
Loan Type
FHAAdjust Your Scenario
$18,650
$18,650$86,282
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,240/moAssumable @ 2.87% + gap loan
$1,759/moAssumed loan: $1,239/mo
Gap financing: $520/mo
$480less per month with the assumable
Your Savings on This Property
603 Carriage, Milliken · 2.87% FHA vs 6.5% conventional
$480
per month
$5,765
per year
$172,960
over 30 years
$185,128
interest saved
How gap financing works: The equity gap ($86,282) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,650, 5% of purchase price) and a second mortgage for the rest ($67,632 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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