Loan Comparison: 3.07% vs 6.5%
2814 6th, Greeley, CO 80634 · 4bd/2ba · $385,000
List Price
$385,000
Assumable Rate
3.07%
Remaining Balance
$294,566
Equity Gap
$116,472
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$116,472
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.07% + gap loan
$2,001/moAssumed loan: $1,253/mo
Gap financing: $748/mo
$311less per month with the assumable
Your Savings on This Property
2814 6th, Greeley · 3.07% FHA vs 6.5% conventional
$311
per month
$3,734
per year
$112,027
over 30 years
$138,065
interest saved
How gap financing works: The equity gap ($116,472) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($97,222 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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