Loan Comparison: 3.23% vs 6.5%
2816 27th, Greeley, CO 80634 · 4bd/2ba · $407,900
List Price
$407,900
Assumable Rate
3.23%
Remaining Balance
$274,405
Equity Gap
$145,231
Loan Type
FHAAdjust Your Scenario
$20,395
$20,395$145,231
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,449/moAssumable @ 3.23% + gap loan
$2,151/moAssumed loan: $1,191/mo
Gap financing: $960/mo
$298less per month with the assumable
Your Savings on This Property
2816 27th, Greeley · 3.23% FHA vs 6.5% conventional
$298
per month
$3,578
per year
$107,351
over 30 years
$119,087
interest saved
How gap financing works: The equity gap ($145,231) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,395, 5% of purchase price) and a second mortgage for the rest ($124,836 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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