Loan Comparison: 3.76% vs 6.5%
4355 24th Street, Greeley, CO 80634 · 4bd/4ba · $410,000
List Price
$410,000
Assumable Rate
3.76%
Remaining Balance
$339,496
Equity Gap
$70,504
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$70,504
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 3.76% + gap loan
$1,959/moAssumed loan: $1,574/mo
Gap financing: $384/mo
$503less per month with the assumable
Your Savings on This Property
4355 24th Street, Greeley · 3.76% FHA vs 6.5% conventional
$503
per month
$6,039
per year
$181,163
over 30 years
$181,163
interest saved
How gap financing works: The equity gap ($70,504) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($50,004 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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