Loan Comparison: 2.96% vs 6.5%
131 23rd, Greeley, CO 80631 · 3bd/1ba · $290,000
List Price
$290,000
Assumable Rate
2.96%
Remaining Balance
$197,585
Equity Gap
$92,414
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$92,414
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.96% + gap loan
$1,428/moAssumed loan: $829/mo
Gap financing: $599/mo
$313less per month with the assumable
Your Savings on This Property
131 23rd, Greeley · 2.96% FHA vs 6.5% conventional
$313
per month
$3,762
per year
$112,855
over 30 years
$112,854
interest saved
How gap financing works: The equity gap ($92,414) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($77,914 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.
📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.