Loan Comparison: 2.84% vs 6.5%
1625 55th, Greeley, CO 80634 · 3bd/3ba · $481,000
List Price
$481,000
Assumable Rate
2.84%
Remaining Balance
$392,558
Equity Gap
$104,370
Loan Type
FHAAdjust Your Scenario
$24,050
$24,050$104,370
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,888/moAssumable @ 2.84% + gap loan
$2,239/moAssumed loan: $1,621/mo
Gap financing: $618/mo
$649less per month with the assumable
Your Savings on This Property
1625 55th, Greeley · 2.84% FHA vs 6.5% conventional
$649
per month
$7,791
per year
$233,742
over 30 years
$249,670
interest saved
How gap financing works: The equity gap ($104,370) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,050, 5% of purchase price) and a second mortgage for the rest ($80,320 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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