Loan Comparison: 5.1% vs 6.5%
2001 5th Avenue, Greeley, CO 80631 · 3bd/3ba · $300,000
List Price
$300,000
Assumable Rate
5.1%
Remaining Balance
$271,506
Equity Gap
$28,493
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$28,493
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.1% (FHA)
Blended Rate: 5.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 5.1% + gap loan
$1,568/moAssumed loan: $1,474/mo
Gap financing: $94/mo
$233less per month with the assumable
Your Savings on This Property
2001 5th Avenue, Greeley · 5.1% FHA vs 6.5% conventional
$233
per month
$2,795
per year
$83,847
over 30 years
$83,846
interest saved
How gap financing works: The equity gap ($28,493) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($13,493 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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