Loan Comparison: 2.96% vs 6.5%
131 23rd Avenue, Greeley, CO 80631 · 6bd/3ba · $275,000
List Price
$275,000
Assumable Rate
2.96%
Remaining Balance
$196,258
Equity Gap
$78,742
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$78,742
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 2.96% + gap loan
$1,278/moAssumed loan: $823/mo
Gap financing: $454/mo
$374less per month with the assumable
Your Savings on This Property
131 23rd Avenue, Greeley · 2.96% FHA vs 6.5% conventional
$374
per month
$4,484
per year
$134,511
over 30 years
$134,511
interest saved
How gap financing works: The equity gap ($78,742) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($64,992 at 7.5%). 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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