Loan Comparison: 4.17% vs 6.5%
2316 6th Avenue, Greeley, CO 80631 · 3bd/2ba · $300,000
List Price
$300,000
Assumable Rate
4.17%
Remaining Balance
$253,527
Equity Gap
$46,473
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$46,473
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 4.17% + gap loan
$1,455/moAssumed loan: $1,235/mo
Gap financing: $220/mo
$346less per month with the assumable
Your Savings on This Property
2316 6th Avenue, Greeley · 4.17% FHA vs 6.5% conventional
$346
per month
$4,152
per year
$124,551
over 30 years
$124,551
interest saved
How gap financing works: The equity gap ($46,473) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($31,473 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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