Loan Comparison: 2.9% vs 6.5%
4355 24th Street, Greeley, CO 80634 · 3bd/3ba · $344,900
List Price
$344,900
Assumable Rate
2.9%
Remaining Balance
$299,547
Equity Gap
$60,874
Loan Type
FHAAdjust Your Scenario
$17,245
$17,245$60,874
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,071/moAssumable @ 2.9% + gap loan
$1,582/moAssumed loan: $1,247/mo
Gap financing: $335/mo
$489less per month with the assumable
Your Savings on This Property
4355 24th Street, Greeley · 2.9% FHA vs 6.5% conventional
$489
per month
$5,865
per year
$175,942
over 30 years
$191,463
interest saved
How gap financing works: The equity gap ($60,874) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,245, 5% of purchase price) and a second mortgage for the rest ($43,629 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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