Loan Comparison: 2.96% vs 6.5%
131 23rd, Greeley, CO 80631 · 3bd/1ba · $300,000
List Price
$300,000
Assumable Rate
2.96%
Remaining Balance
$198,464
Equity Gap
$101,535
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$101,535
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.96% + gap loan
$1,498/moAssumed loan: $832/mo
Gap financing: $665/mo
$304less per month with the assumable
Your Savings on This Property
131 23rd, Greeley · 2.96% FHA vs 6.5% conventional
$304
per month
$3,643
per year
$109,281
over 30 years
$109,280
interest saved
How gap financing works: The equity gap ($101,535) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($86,535 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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