Loan Comparison: 2.94% vs 6.5%
4409 Mesa Verde Drive, Greeley, CO 80634 · 5bd/3ba · $430,000
List Price
$430,000
Assumable Rate
2.94%
Remaining Balance
$244,175
Equity Gap
$185,825
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$185,825
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.94% + gap loan
$2,171/moAssumed loan: $1,022/mo
Gap financing: $1,149/mo
$411less per month with the assumable
Your Savings on This Property
4409 Mesa Verde Drive, Greeley · 2.94% FHA vs 6.5% conventional
$411
per month
$4,937
per year
$148,121
over 30 years
$148,121
interest saved
How gap financing works: The equity gap ($185,825) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($164,325 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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