Loan Comparison: 2.89% vs 6.5%
2317 42nd, Greeley, CO 80634 · 3bd/3ba · $425,000
List Price
$425,000
Assumable Rate
2.89%
Remaining Balance
$155,129
Equity Gap
$127,360
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$127,360
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 5.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.89% + gap loan
$1,461/moAssumed loan: $645/mo
Gap financing: $816/mo
$1,091less per month with the assumable
Your Savings on This Property
2317 42nd, Greeley · 2.89% FHA vs 6.5% conventional
$1,091
per month
$13,095
per year
$392,838
over 30 years
$250,327
interest saved
How gap financing works: The equity gap ($127,360) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($106,110 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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