Loan Comparison: 3.31% vs 6.5%
2612 52nd Avenue Court, Greeley, CO 80634 · 3bd/2ba · $470,000
List Price
$470,000
Assumable Rate
3.31%
Remaining Balance
$269,573
Equity Gap
$200,426
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$200,426
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 3.31% + gap loan
$2,419/moAssumed loan: $1,182/mo
Gap financing: $1,237/mo
$403less per month with the assumable
Your Savings on This Property
2612 52nd Avenue Court, Greeley · 3.31% FHA vs 6.5% conventional
$403
per month
$4,836
per year
$145,079
over 30 years
$145,078
interest saved
How gap financing works: The equity gap ($200,426) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($176,926 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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