Loan Comparison: 3.07% vs 6.5%
2609 22nd, Greeley, CO 80631 · 4bd/2ba · $415,000
List Price
$415,000
Assumable Rate
3.07%
Remaining Balance
$331,633
Equity Gap
$95,232
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$95,232
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.07% + gap loan
$1,983/moAssumed loan: $1,411/mo
Gap financing: $573/mo
$508less per month with the assumable
Your Savings on This Property
2609 22nd, Greeley · 3.07% FHA vs 6.5% conventional
$508
per month
$6,102
per year
$183,059
over 30 years
$194,924
interest saved
How gap financing works: The equity gap ($95,232) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($74,482 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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