Loan Comparison: 4.07% vs 6.5%
928 Depot, Milliken, CO 80543 · 5bd/4ba · $490,000
List Price
$490,000
Assumable Rate
4.07%
Remaining Balance
$312,236
Equity Gap
$177,764
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$177,764
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 5.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 4.07% + gap loan
$2,682/moAssumed loan: $1,503/mo
Gap financing: $1,178/mo
$261less per month with the assumable
Your Savings on This Property
928 Depot, Milliken · 4.07% FHA vs 6.5% conventional
$261
per month
$3,126
per year
$93,787
over 30 years
$93,787
interest saved
How gap financing works: The equity gap ($177,764) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($153,264 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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