Loan Comparison: 3.1% vs 6.5%
4355 24th, Greeley, CO 80634 · 3bd/3ba · $355,000
List Price
$355,000
Assumable Rate
3.1%
Remaining Balance
$298,984
Equity Gap
$54,748
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$54,748
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.1% + gap loan
$1,561/moAssumed loan: $1,277/mo
Gap financing: $284/mo
$570less per month with the assumable
Your Savings on This Property
4355 24th, Greeley · 3.1% FHA vs 6.5% conventional
$570
per month
$6,845
per year
$205,364
over 30 years
$204,096
interest saved
How gap financing works: The equity gap ($54,748) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($36,998 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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