Loan Comparison: 3% vs 6.5%
3015 Douglas Avenue, Loveland, CO 80550 · 3bd/3ba · $465,000
List Price
$465,000
Assumable Rate
3%
Remaining Balance
$312,167
Equity Gap
$152,833
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$152,833
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3% + gap loan
$2,222/moAssumed loan: $1,316/mo
Gap financing: $906/mo
$570less per month with the assumable
Your Savings on This Property
3015 Douglas Avenue, Loveland · 3% FHA vs 6.5% conventional
$570
per month
$6,840
per year
$205,196
over 30 years
$205,196
interest saved
How gap financing works: The equity gap ($152,833) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($129,583 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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