Loan Comparison: 5.23% vs 6.5%
205 21st, Greeley, CO 80631 · 3bd/2ba · $379,900
List Price
$379,900
Assumable Rate
5.23%
Remaining Balance
$344,633
Equity Gap
$48,521
Loan Type
FHAAdjust Your Scenario
$18,995
$18,995$48,521
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,281/moAssumable @ 5.23% + gap loan
$2,126/moAssumed loan: $1,899/mo
Gap financing: $227/mo
$155less per month with the assumable
Your Savings on This Property
205 21st, Greeley · 5.23% FHA vs 6.5% conventional
$155
per month
$1,864
per year
$55,918
over 30 years
$69,172
interest saved
How gap financing works: The equity gap ($48,521) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,995, 5% of purchase price) and a second mortgage for the rest ($29,526 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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