Loan Comparison: 5.1% vs 6.5%
2410 14th Avenue, Greeley, CO 80631 · 4bd/3ba · $350,000
List Price
$350,000
Assumable Rate
5.1%
Remaining Balance
$305,965
Equity Gap
$44,035
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$44,035
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.1% (FHA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 5.1% + gap loan
$1,847/moAssumed loan: $1,661/mo
Gap financing: $186/mo
$255less per month with the assumable
Your Savings on This Property
2410 14th Avenue, Greeley · 5.1% FHA vs 6.5% conventional
$255
per month
$3,058
per year
$91,747
over 30 years
$91,747
interest saved
How gap financing works: The equity gap ($44,035) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($26,535 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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