Loan Comparison: 5.51% vs 6.5%
305 64th Avenue, Greeley, CO 80634 · 3bd/3ba · $445,000
List Price
$445,000
Assumable Rate
5.51%
Remaining Balance
$419,904
Equity Gap
$25,095
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$25,095
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.51% (FHA)
Blended Rate: 5.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 5.51% + gap loan
$2,407/moAssumed loan: $2,387/mo
Gap financing: $20/mo
$265less per month with the assumable
Your Savings on This Property
305 64th Avenue, Greeley · 5.51% FHA vs 6.5% conventional
$265
per month
$3,184
per year
$95,534
over 30 years
$95,533
interest saved
How gap financing works: The equity gap ($25,095) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($2,845 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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