Loan Comparison: 5.23% vs 6.5%
2001 5th, Greeley, CO 80631 · 2bd/1ba · $315,000
List Price
$315,000
Assumable Rate
5.23%
Remaining Balance
$283,618
Equity Gap
$42,697
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$42,697
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 5.23% + gap loan
$1,770/moAssumed loan: $1,563/mo
Gap financing: $207/mo
$122less per month with the assumable
Your Savings on This Property
2001 5th, Greeley · 5.23% FHA vs 6.5% conventional
$122
per month
$1,460
per year
$43,786
over 30 years
$55,101
interest saved
How gap financing works: The equity gap ($42,697) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($26,947 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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