Loan Comparison: 3.16% vs 6.5%
2223 72nd, Greeley, CO 80634 · 4bd/3ba · $465,000
List Price
$465,000
Assumable Rate
3.16%
Remaining Balance
$300,608
Equity Gap
$164,392
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$164,392
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.16% + gap loan
$2,379/moAssumed loan: $1,293/mo
Gap financing: $1,085/mo
$413less per month with the assumable
Your Savings on This Property
2223 72nd, Greeley · 3.16% FHA vs 6.5% conventional
$413
per month
$4,961
per year
$148,838
over 30 years
$148,838
interest saved
How gap financing works: The equity gap ($164,392) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($141,142 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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