Loan Comparison: 5.23% vs 6.5%
11189 Melody, Northglenn, CO 80234 · 6bd/4ba · $700,000
List Price
$700,000
Assumable Rate
5.23%
Remaining Balance
$580,343
Equity Gap
$119,656
Loan Type
FHAAdjust Your Scenario
$35,000
$35,000$119,656
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 5.23% + gap loan
$3,848/moAssumed loan: $3,197/mo
Gap financing: $651/mo
$355less per month with the assumable
Your Savings on This Property
11189 Melody, Northglenn · 5.23% FHA vs 6.5% conventional
$355
per month
$4,258
per year
$127,739
over 30 years
$127,738
interest saved
How gap financing works: The equity gap ($119,656) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,000, 5% of purchase price) and a second mortgage for the rest ($84,656 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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