Loan Comparison: 2.94% vs 6.5%
4409 Mesa Verde, Greeley, CO 80634 · 4bd/2ba · $410,000
List Price
$410,000
Assumable Rate
2.94%
Remaining Balance
$245,281
Equity Gap
$165,271
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$165,271
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.94% + gap loan
$2,139/moAssumed loan: $1,026/mo
Gap financing: $1,113/mo
$323less per month with the assumable
Your Savings on This Property
4409 Mesa Verde, Greeley · 2.94% FHA vs 6.5% conventional
$323
per month
$3,871
per year
$116,117
over 30 years
$116,669
interest saved
How gap financing works: The equity gap ($165,271) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($144,771 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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