Loan Comparison: 5.41% vs 6.5%
316 28th, Greeley, CO 80631 · 3bd/3ba · $350,000
List Price
$350,000
Assumable Rate
5.41%
Remaining Balance
$293,412
Equity Gap
$56,588
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$56,588
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.41% (FHA)
Blended Rate: 5.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 5.41% + gap loan
$1,950/moAssumed loan: $1,649/mo
Gap financing: $301/mo
$152less per month with the assumable
Your Savings on This Property
316 28th, Greeley · 5.41% FHA vs 6.5% conventional
$152
per month
$1,820
per year
$54,591
over 30 years
$54,591
interest saved
How gap financing works: The equity gap ($56,588) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($39,088 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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