Loan Comparison: 7.08% vs 6.5%
372 Cardinal Avenue, Loveland, CO 80537 · 4bd/3ba · $480,000
List Price
$480,000
Assumable Rate
7.08%
Remaining Balance
$419,740
Equity Gap
$60,259
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$60,259
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 7.08% (FHA)
Blended Rate: 7.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 7.08% + gap loan
$3,069/moAssumed loan: $2,815/mo
Gap financing: $254/mo
Your Savings on This Property
372 Cardinal Avenue, Loveland · 7.08% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($60,259) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($36,259 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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