Loan Comparison: 3.31% vs 6.5%
2612 52nd Avenue, Greeley, CO 80634 · 4bd/2ba · $489,000
List Price
$489,000
Assumable Rate
3.31%
Remaining Balance
$272,025
Equity Gap
$216,365
Loan Type
FHAAdjust Your Scenario
$24,450
$24,450$216,365
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,936/moAssumable @ 3.31% + gap loan
$2,669/moAssumed loan: $1,193/mo
Gap financing: $1,476/mo
$268less per month with the assumable
Your Savings on This Property
2612 52nd Avenue, Greeley · 3.31% FHA vs 6.5% conventional
$268
per month
$3,213
per year
$96,396
over 30 years
$95,786
interest saved
How gap financing works: The equity gap ($216,365) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,450, 5% of purchase price) and a second mortgage for the rest ($191,915 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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