Loan Comparison: 3.21% vs 6.5%
1809 6th Street, Greeley, CO 80543 · 3bd/2ba · $322,000
List Price
$322,000
Assumable Rate
3.21%
Remaining Balance
$195,745
Equity Gap
$126,255
Loan Type
FHAAdjust Your Scenario
$16,100
$16,100$126,255
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.21% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,933/moAssumable @ 3.21% + gap loan
$1,618/moAssumed loan: $848/mo
Gap financing: $770/mo
$316less per month with the assumable
Your Savings on This Property
1809 6th Street, Greeley · 3.21% FHA vs 6.5% conventional
$316
per month
$3,788
per year
$113,642
over 30 years
$113,642
interest saved
How gap financing works: The equity gap ($126,255) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,100, 5% of purchase price) and a second mortgage for the rest ($110,155 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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