Loan Comparison: 3.45% vs 6.5%
1915 7th, Greeley, CO 80631 · 2bd/1ba · $310,000
List Price
$310,000
Assumable Rate
3.45%
Remaining Balance
$262,549
Equity Gap
$47,967
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$47,967
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 3.45% + gap loan
$1,421/moAssumed loan: $1,172/mo
Gap financing: $250/mo
$440less per month with the assumable
Your Savings on This Property
1915 7th, Greeley · 3.45% FHA vs 6.5% conventional
$440
per month
$5,282
per year
$158,454
over 30 years
$158,970
interest saved
How gap financing works: The equity gap ($47,967) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($32,467 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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