Loan Comparison: 3.1% vs 6.5%
4355 24th St Rd, Greeley, CO 80634 · 5bd/3ba · $355,000
List Price
$355,000
Assumable Rate
3.1%
Remaining Balance
$298,348
Equity Gap
$56,652
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$56,652
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.1% + gap loan
$1,546/moAssumed loan: $1,274/mo
Gap financing: $272/mo
$586less per month with the assumable
Your Savings on This Property
4355 24th St Rd, Greeley · 3.1% FHA vs 6.5% conventional
$586
per month
$7,028
per year
$210,833
over 30 years
$210,833
interest saved
How gap financing works: The equity gap ($56,652) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($38,902 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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