Loan Comparison: 4.2% vs 6.5%
401 36th, Greeley, CO 80634 · 4bd/3ba · $405,000
List Price
$405,000
Assumable Rate
4.2%
Remaining Balance
$191,709
Equity Gap
$213,291
Loan Type
FHAAdjust Your Scenario
$20,250
$20,250$213,291
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (FHA)
Blended Rate: 6.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 4.2% + gap loan
$2,422/moAssumed loan: $937/mo
Gap financing: $1,484/mo
$10less per month with the assumable
Your Savings on This Property
401 36th, Greeley · 4.2% FHA vs 6.5% conventional
$10
per month
$121
per year
$3,626
over 30 years
$3,626
interest saved
How gap financing works: The equity gap ($213,291) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($193,041 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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