Loan Comparison: 2.9% vs 6.5%
1930 14th, Greeley, CO 80631 · 3bd/3ba · $350,000
List Price
$350,000
Assumable Rate
2.9%
Remaining Balance
$291,482
Equity Gap
$113,518
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$113,518
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.9% + gap loan
$1,952/moAssumed loan: $1,213/mo
Gap financing: $738/mo
$150less per month with the assumable
Your Savings on This Property
1930 14th, Greeley · 2.9% FHA vs 6.5% conventional
$150
per month
$1,801
per year
$54,034
over 30 years
$109,034
interest saved
How gap financing works: The equity gap ($113,518) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($96,018 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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