Loan Comparison: 5.22% vs 6.5%
1667 31st, Greeley, CO 80634 · 2bd/2ba · $348,000
List Price
$348,000
Assumable Rate
5.22%
Remaining Balance
$295,608
Equity Gap
$52,391
Loan Type
FHAAdjust Your Scenario
$17,400
$17,400$52,391
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,090/moAssumable @ 5.22% + gap loan
$1,896/moAssumed loan: $1,627/mo
Gap financing: $269/mo
$194less per month with the assumable
Your Savings on This Property
1667 31st, Greeley · 5.22% FHA vs 6.5% conventional
$194
per month
$2,324
per year
$69,731
over 30 years
$69,730
interest saved
How gap financing works: The equity gap ($52,391) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,400, 5% of purchase price) and a second mortgage for the rest ($34,991 at 8.5%). 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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