Loan Comparison: 3.09% vs 6.5%
5606 32nd Street, Greeley, CO 80634 · 3bd/2ba · $530,000
List Price
$530,000
Assumable Rate
3.09%
Remaining Balance
$369,139
Equity Gap
$160,860
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$160,860
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (FHA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 3.09% + gap loan
$2,514/moAssumed loan: $1,574/mo
Gap financing: $939/mo
$669less per month with the assumable
Your Savings on This Property
5606 32nd Street, Greeley · 3.09% FHA vs 6.5% conventional
$669
per month
$8,025
per year
$240,739
over 30 years
$240,738
interest saved
How gap financing works: The equity gap ($160,860) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($134,360 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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