Loan Comparison: 2.87% vs 6.5%
6607 4th St Rd, Greeley, CO 80634 · 3bd/3ba · $345,000
List Price
$345,000
Assumable Rate
2.87%
Remaining Balance
$323,860
Equity Gap
$21,140
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$21,140
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 2.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.87% + gap loan
$1,370/moAssumed loan: $1,343/mo
Gap financing: $27/mo
$702less per month with the assumable
Your Savings on This Property
6607 4th St Rd, Greeley · 2.87% FHA vs 6.5% conventional
$702
per month
$8,419
per year
$252,575
over 30 years
$252,575
interest saved
How gap financing works: The equity gap ($21,140) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($3,890 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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