Loan Comparison: 2.83% vs 6.5%
5021 22nd Street, Greeley, CO 80634 · 4bd/2ba · $520,000
List Price
$520,000
Assumable Rate
2.83%
Remaining Balance
$359,137
Equity Gap
$160,862
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$160,862
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.83% + gap loan
$2,424/moAssumed loan: $1,481/mo
Gap financing: $943/mo
$698less per month with the assumable
Your Savings on This Property
5021 22nd Street, Greeley · 2.83% FHA vs 6.5% conventional
$698
per month
$8,376
per year
$251,292
over 30 years
$251,291
interest saved
How gap financing works: The equity gap ($160,862) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($134,862 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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