Loan Comparison: 6.81% vs 6.5%
618 16th Street, Greeley, CO 80631 · 3bd/2ba · $365,000
List Price
$365,000
Assumable Rate
6.81%
Remaining Balance
$313,364
Equity Gap
$51,635
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$51,635
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.81% (FHA)
Blended Rate: 6.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 6.81% + gap loan
$2,278/moAssumed loan: $2,045/mo
Gap financing: $233/mo
Your Savings on This Property
618 16th Street, Greeley · 6.81% 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 ($51,635) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($33,385 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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