Loan Comparison: 5.51% vs 6.5%
305 64th, Greeley, CO 80634 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
5.51%
Remaining Balance
$437,325
Equity Gap
$29,495
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$29,495
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.51% (FHA)
Blended Rate: 5.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 5.51% + gap loan
$2,540/moAssumed loan: $2,486/mo
Gap financing: $54/mo
$162less per month with the assumable
Your Savings on This Property
305 64th, Greeley · 5.51% FHA vs 6.5% conventional
$162
per month
$1,950
per year
$58,492
over 30 years
$75,312
interest saved
How gap financing works: The equity gap ($29,495) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($6,995 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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