Loan Comparison: 4.98% vs 6.5%
3170 3rd Street, Greeley, CO 80631 · 3bd/2ba · $379,500
List Price
$379,500
Assumable Rate
4.98%
Remaining Balance
$310,036
Equity Gap
$70,414
Loan Type
FHAAdjust Your Scenario
$18,975
$18,975$70,414
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,279/moAssumable @ 4.98% + gap loan
$2,056/moAssumed loan: $1,661/mo
Gap financing: $396/mo
$223less per month with the assumable
Your Savings on This Property
3170 3rd Street, Greeley · 4.98% FHA vs 6.5% conventional
$223
per month
$2,672
per year
$80,168
over 30 years
$81,118
interest saved
How gap financing works: The equity gap ($70,414) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,975, 5% of purchase price) and a second mortgage for the rest ($51,439 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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