Loan Comparison: 2.84% vs 6.5%
1722 27th, Greeley, CO 80634 · 5bd/3ba · $439,900
List Price
$439,900
Assumable Rate
2.84%
Remaining Balance
$328,631
Equity Gap
$110,528
Loan Type
FHAAdjust Your Scenario
$21,995
$21,995$110,528
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,641/moAssumable @ 2.84% + gap loan
$2,038/moAssumed loan: $1,357/mo
Gap financing: $681/mo
$603less per month with the assumable
Your Savings on This Property
1722 27th, Greeley · 2.84% FHA vs 6.5% conventional
$603
per month
$7,241
per year
$217,216
over 30 years
$216,475
interest saved
How gap financing works: The equity gap ($110,528) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,995, 5% of purchase price) and a second mortgage for the rest ($88,533 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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