Loan Comparison: 2.83% vs 6.5%
5021 22nd, Greeley, CO 80634 · 5bd/2ba · $550,000
List Price
$550,000
Assumable Rate
2.83%
Remaining Balance
$361,682
Equity Gap
$188,318
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$188,318
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.83% + gap loan
$2,728/moAssumed loan: $1,492/mo
Gap financing: $1,237/mo
$574less per month with the assumable
Your Savings on This Property
5021 22nd, Greeley · 2.83% FHA vs 6.5% conventional
$574
per month
$6,889
per year
$206,675
over 30 years
$206,675
interest saved
How gap financing works: The equity gap ($188,318) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($160,818 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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