Loan Comparison: 5.23% vs 6.5%
1518 28th, Greeley, CO 80634 · 5bd/2ba · $390,000
List Price
$390,000
Assumable Rate
5.23%
Remaining Balance
$353,365
Equity Gap
$37,669
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$37,669
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 5.23% + gap loan
$2,087/moAssumed loan: $1,947/mo
Gap financing: $140/mo
$255less per month with the assumable
Your Savings on This Property
1518 28th, Greeley · 5.23% FHA vs 6.5% conventional
$255
per month
$3,062
per year
$91,868
over 30 years
$92,902
interest saved
How gap financing works: The equity gap ($37,669) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($18,169 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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