Loan Comparison: 6.11% vs 6.5%
4630-4632 14th Street, Greeley, CO 80634 · 4bd/2ba · $789,000
List Price
$789,000
Assumable Rate
6.11%
Remaining Balance
$588,015
Equity Gap
$200,985
Loan Type
FHAAdjust Your Scenario
$39,450
$39,450$200,985
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.11% (FHA)
Blended Rate: 6.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,738/moAssumable @ 6.11% + gap loan
$4,697/moAssumed loan: $3,567/mo
Gap financing: $1,129/mo
$41less per month with the assumable
Your Savings on This Property
4630-4632 14th Street, Greeley · 6.11% FHA vs 6.5% conventional
$41
per month
$493
per year
$14,778
over 30 years
$14,778
interest saved
How gap financing works: The equity gap ($200,985) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,450, 5% of purchase price) and a second mortgage for the rest ($161,535 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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