Loan Comparison: 3.07% vs 6.5%
1227 14th, Greeley, CO 80631 · 3bd/1ba · $365,000
List Price
$365,000
Assumable Rate
3.07%
Remaining Balance
$183,618
Equity Gap
$181,767
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$181,767
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 5.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.07% + gap loan
$2,038/moAssumed loan: $781/mo
Gap financing: $1,257/mo
$153less per month with the assumable
Your Savings on This Property
1227 14th, Greeley · 3.07% FHA vs 6.5% conventional
$153
per month
$1,840
per year
$55,189
over 30 years
$55,574
interest saved
How gap financing works: The equity gap ($181,767) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($163,517 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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