Loan Comparison: 2.81% vs 6.5%
4672 20th, Greeley, CO 80634 · 2bd/3ba · $399,900
List Price
$399,900
Assumable Rate
2.81%
Remaining Balance
$242,632
Equity Gap
$156,160
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$156,160
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.81% + gap loan
$2,045/moAssumed loan: $998/mo
Gap financing: $1,047/mo
$356less per month with the assumable
Your Savings on This Property
4672 20th, Greeley · 2.81% FHA vs 6.5% conventional
$356
per month
$4,272
per year
$128,165
over 30 years
$127,057
interest saved
How gap financing works: The equity gap ($156,160) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($136,165 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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