Loan Comparison: 2.81% vs 6.5%
4672 20th, Greeley, CO 80634 · 2bd/3ba · $424,900
List Price
$424,900
Assumable Rate
2.81%
Remaining Balance
$243,186
Equity Gap
$181,160
Loan Type
FHAAdjust Your Scenario
$21,245
$21,245$181,160
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 2.81% + gap loan
$2,230/moAssumed loan: $1,001/mo
Gap financing: $1,230/mo
$321less per month with the assumable
Your Savings on This Property
4672 20th, Greeley · 2.81% FHA vs 6.5% conventional
$321
per month
$3,855
per year
$115,645
over 30 years
$115,091
interest saved
How gap financing works: The equity gap ($181,160) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,245, 5% of purchase price) and a second mortgage for the rest ($159,915 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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