Loan Comparison: 3.5% vs 6.5%
586 Magpie Drive, Loveland, CO 80537 · 2bd/2ba · $429,000
List Price
$429,000
Assumable Rate
3.5%
Remaining Balance
$117,868
Equity Gap
$311,132
Loan Type
FHAAdjust Your Scenario
$21,450
$21,450$311,132
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 6.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,576/moAssumable @ 3.5% + gap loan
$2,555/moAssumed loan: $529/mo
Gap financing: $2,025/mo
$21less per month with the assumable
Your Savings on This Property
586 Magpie Drive, Loveland · 3.5% FHA vs 6.5% conventional
$21
per month
$255
per year
$7,637
over 30 years
$7,637
interest saved
How gap financing works: The equity gap ($311,132) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,450, 5% of purchase price) and a second mortgage for the rest ($289,682 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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