Loan Comparison: 3.09% vs 6.5%
8700 15th, Greeley, CO 80634 · 4bd/3ba · $490,000
List Price
$490,000
Assumable Rate
3.09%
Remaining Balance
$392,091
Equity Gap
$97,059
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$97,059
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (FHA)
Blended Rate: 3.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 3.09% + gap loan
$2,230/moAssumed loan: $1,672/mo
Gap financing: $558/mo
$712less per month with the assumable
Your Savings on This Property
8700 15th, Greeley · 3.09% FHA vs 6.5% conventional
$712
per month
$8,546
per year
$256,391
over 30 years
$255,541
interest saved
How gap financing works: The equity gap ($97,059) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($72,559 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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