Loan Comparison: 3.1% vs 6.5%
117 66th, Greeley, CO 80634 · 3bd/3ba · $485,000
List Price
$485,000
Assumable Rate
3.1%
Remaining Balance
$436,098
Equity Gap
$48,901
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$48,901
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.1% + gap loan
$2,052/moAssumed loan: $1,862/mo
Gap financing: $190/mo
$860less per month with the assumable
Your Savings on This Property
117 66th, Greeley · 3.1% FHA vs 6.5% conventional
$860
per month
$10,326
per year
$309,779
over 30 years
$309,778
interest saved
How gap financing works: The equity gap ($48,901) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($24,651 at 8.5%). 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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