Loan Comparison: 6.43% vs 6.5%
2106 13th Street, Greeley, CO 80631 · 3bd/1ba · $418,000
List Price
$418,000
Assumable Rate
6.43%
Remaining Balance
$394,609
Equity Gap
$23,391
Loan Type
FHAAdjust Your Scenario
$20,900
$20,900$23,391
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.43% (FHA)
Blended Rate: 6.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,510/moAssumable @ 6.43% + gap loan
$2,493/moAssumed loan: $2,476/mo
Gap financing: $17/mo
$16less per month with the assumable
Your Savings on This Property
2106 13th Street, Greeley · 6.43% FHA vs 6.5% conventional
$16
per month
$198
per year
$5,928
over 30 years
$5,928
interest saved
How gap financing works: The equity gap ($23,391) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,900, 5% of purchase price) and a second mortgage for the rest ($2,491 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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