Loan Comparison: 2.9% vs 6.5%
3408 17th Street, Greeley, CO 80634 · 4bd/3ba · $380,000
List Price
$380,000
Assumable Rate
2.9%
Remaining Balance
$326,916
Equity Gap
$53,083
Loan Type
FHAAdjust Your Scenario
$19,000
$19,000$53,083
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 2.9% + gap loan
$1,599/moAssumed loan: $1,361/mo
Gap financing: $238/mo
$683less per month with the assumable
Your Savings on This Property
3408 17th Street, Greeley · 2.9% FHA vs 6.5% conventional
$683
per month
$8,193
per year
$245,783
over 30 years
$245,782
interest saved
How gap financing works: The equity gap ($53,083) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($34,083 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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