Loan Comparison: 3.31% vs 6.5%
2612 52nd Avenue, Greeley, CO 80634 · 4bd/2ba · $475,000
List Price
$475,000
Assumable Rate
3.31%
Remaining Balance
$270,189
Equity Gap
$202,365
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$202,365
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 5.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.31% + gap loan
$2,558/moAssumed loan: $1,185/mo
Gap financing: $1,373/mo
$294less per month with the assumable
Your Savings on This Property
2612 52nd Avenue, Greeley · 3.31% FHA vs 6.5% conventional
$294
per month
$3,528
per year
$105,846
over 30 years
$103,400
interest saved
How gap financing works: The equity gap ($202,365) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($178,615 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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