Loan Comparison: 3.07% vs 6.5%
2609 22nd, Greeley, CO 80631 · 4bd/2ba · $405,000
List Price
$405,000
Assumable Rate
3.07%
Remaining Balance
$318,411
Equity Gap
$86,589
Loan Type
FHAAdjust Your Scenario
$20,250
$20,250$86,589
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.07% + gap loan
$1,865/moAssumed loan: $1,354/mo
Gap financing: $510/mo
$567less per month with the assumable
Your Savings on This Property
2609 22nd, Greeley · 3.07% FHA vs 6.5% conventional
$567
per month
$6,808
per year
$204,231
over 30 years
$204,231
interest saved
How gap financing works: The equity gap ($86,589) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($66,339 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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