Loan Comparison: 2.96% vs 6.5%
131 23rd, Greeley, CO 80631 · 3bd/1ba · $325,000
List Price
$325,000
Assumable Rate
2.96%
Remaining Balance
$198,903
Equity Gap
$126,535
Loan Type
FHAAdjust Your Scenario
$16,250
$16,250$126,535
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,952/moAssumable @ 2.96% + gap loan
$1,682/moAssumed loan: $834/mo
Gap financing: $848/mo
$269less per month with the assumable
Your Savings on This Property
131 23rd, Greeley · 2.96% FHA vs 6.5% conventional
$269
per month
$3,231
per year
$96,918
over 30 years
$97,356
interest saved
How gap financing works: The equity gap ($126,535) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,250, 5% of purchase price) and a second mortgage for the rest ($110,285 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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