Loan Comparison: 4.59% vs 6.5%
507 20th Street, Greeley, CO 80620 · 3bd/2ba · $379,000
List Price
$379,000
Assumable Rate
4.59%
Remaining Balance
$230,539
Equity Gap
$148,461
Loan Type
FHAAdjust Your Scenario
$18,950
$18,950$148,461
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.59% (FHA)
Blended Rate: 5.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,276/moAssumable @ 4.59% + gap loan
$2,086/moAssumed loan: $1,180/mo
Gap financing: $906/mo
$190less per month with the assumable
Your Savings on This Property
507 20th Street, Greeley · 4.59% FHA vs 6.5% conventional
$190
per month
$2,277
per year
$68,304
over 30 years
$68,304
interest saved
How gap financing works: The equity gap ($148,461) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,950, 5% of purchase price) and a second mortgage for the rest ($129,511 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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