Loan Comparison: 2.94% vs 6.5%
7239 County Road 24, Loveland, CO 80538 · 4bd/2ba · $649,500
List Price
$649,500
Assumable Rate
2.94%
Remaining Balance
$338,721
Equity Gap
$310,779
Loan Type
FHAAdjust Your Scenario
$32,475
$32,475$310,779
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,900/moAssumable @ 2.94% + gap loan
$3,557/moAssumed loan: $1,417/mo
Gap financing: $2,140/mo
$343less per month with the assumable
Your Savings on This Property
7239 County Road 24, Loveland · 2.94% FHA vs 6.5% conventional
$343
per month
$4,116
per year
$123,472
over 30 years
$123,472
interest saved
How gap financing works: The equity gap ($310,779) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,475, 5% of purchase price) and a second mortgage for the rest ($278,304 at 8.5%). 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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