Loan Comparison: 3.4% vs 6.5%
1684 Oak Creek Drive, Loveland, CO 80538 · 3bd/2ba · $324,900
List Price
$324,900
Assumable Rate
3.4%
Remaining Balance
$84,228
Equity Gap
$240,671
Loan Type
FHAAdjust Your Scenario
$16,245
$16,245$240,671
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.4% (FHA)
Blended Rate: 6.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,951/moAssumable @ 3.4% + gap loan
$1,943/moAssumed loan: $374/mo
Gap financing: $1,569/mo
$8less per month with the assumable
Your Savings on This Property
1684 Oak Creek Drive, Loveland · 3.4% FHA vs 6.5% conventional
$8
per month
$98
per year
$2,936
over 30 years
$2,935
interest saved
How gap financing works: The equity gap ($240,671) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,245, 5% of purchase price) and a second mortgage for the rest ($224,426 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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