Loan Comparison: 2.77% vs 6.5%
985 10th Street, Loveland, CO 80537 · 4bd/3ba · $295,000
List Price
$295,000
Assumable Rate
2.77%
Remaining Balance
$214,622
Equity Gap
$80,378
Loan Type
FHAAdjust Your Scenario
$14,750
$14,750$80,378
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,771/moAssumable @ 2.77% + gap loan
$1,337/moAssumed loan: $878/mo
Gap financing: $459/mo
$434less per month with the assumable
Your Savings on This Property
985 10th Street, Loveland · 2.77% FHA vs 6.5% conventional
$434
per month
$5,208
per year
$156,254
over 30 years
$156,254
interest saved
How gap financing works: The equity gap ($80,378) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,750, 5% of purchase price) and a second mortgage for the rest ($65,628 at 7.5%). 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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