Loan Comparison: 7.02% vs 6.5%
1207 103rd Avenue, Greeley, CO 80634 · 4bd/2ba · $460,000
List Price
$460,000
Assumable Rate
7.02%
Remaining Balance
$403,057
Equity Gap
$56,942
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$56,942
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 7.02% (FHA)
Blended Rate: 7.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 7.02% + gap loan
$2,924/moAssumed loan: $2,687/mo
Gap financing: $237/mo
Your Savings on This Property
1207 103rd Avenue, Greeley · 7.02% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($56,942) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($33,942 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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