Loan Comparison: 5.22% vs 6.5%
10321 11th Street, Greeley, CO 80634 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
5.22%
Remaining Balance
$428,147
Equity Gap
$46,853
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$46,853
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 5.22% + gap loan
$2,518/moAssumed loan: $2,356/mo
Gap financing: $162/mo
$334less per month with the assumable
Your Savings on This Property
10321 11th Street, Greeley · 5.22% FHA vs 6.5% conventional
$334
per month
$4,012
per year
$120,374
over 30 years
$120,374
interest saved
How gap financing works: The equity gap ($46,853) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($23,103 at 7.5%). 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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