Loan Comparison: 6.34% vs 6.5%
6122 1st Street, Greeley, CO 80634 · 4bd/3ba · $469,500
List Price
$469,500
Assumable Rate
6.34%
Remaining Balance
$403,971
Equity Gap
$65,528
Loan Type
FHAAdjust Your Scenario
$23,475
$23,475$65,528
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.34% (FHA)
Blended Rate: 6.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,819/moAssumable @ 6.34% + gap loan
$2,805/moAssumed loan: $2,511/mo
Gap financing: $294/mo
$14less per month with the assumable
Your Savings on This Property
6122 1st Street, Greeley · 6.34% FHA vs 6.5% conventional
$14
per month
$170
per year
$5,086
over 30 years
$5,085
interest saved
How gap financing works: The equity gap ($65,528) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,475, 5% of purchase price) and a second mortgage for the rest ($42,053 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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