Loan Comparison: 3.31% vs 6.5%
2612 52nd Avenue, Greeley, CO 80634 · 4bd/2ba · $485,000
List Price
$485,000
Assumable Rate
3.31%
Remaining Balance
$271,415
Equity Gap
$213,585
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$213,585
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 5.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.31% + gap loan
$2,646/moAssumed loan: $1,190/mo
Gap financing: $1,456/mo
$266less per month with the assumable
Your Savings on This Property
2612 52nd Avenue, Greeley · 3.31% FHA vs 6.5% conventional
$266
per month
$3,195
per year
$95,853
over 30 years
$95,853
interest saved
How gap financing works: The equity gap ($213,585) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($189,335 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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