Loan Comparison: 5.23% vs 6.5%
11189 Melody, Northglenn, CO 80234 · 6bd/4ba · $660,000
List Price
$660,000
Assumable Rate
5.23%
Remaining Balance
$579,492
Equity Gap
$78,808
Loan Type
FHAAdjust Your Scenario
$33,000
$33,000$78,808
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,963/moAssumable @ 5.23% + gap loan
$3,545/moAssumed loan: $3,193/mo
Gap financing: $352/mo
$418less per month with the assumable
Your Savings on This Property
11189 Melody, Northglenn · 5.23% FHA vs 6.5% conventional
$418
per month
$5,016
per year
$150,495
over 30 years
$148,795
interest saved
How gap financing works: The equity gap ($78,808) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,000, 5% of purchase price) and a second mortgage for the rest ($45,808 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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