Loan Comparison: 3.06% vs 6.5%
4326 22nd Street, Greeley, CO 80634 · 4bd/3ba · $445,000
List Price
$445,000
Assumable Rate
3.06%
Remaining Balance
$322,628
Equity Gap
$122,371
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$122,371
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 4.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 3.06% + gap loan
$2,071/moAssumed loan: $1,371/mo
Gap financing: $700/mo
$601less per month with the assumable
Your Savings on This Property
4326 22nd Street, Greeley · 3.06% FHA vs 6.5% conventional
$601
per month
$7,216
per year
$216,480
over 30 years
$216,479
interest saved
How gap financing works: The equity gap ($122,371) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($100,121 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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