Loan Comparison: 2.94% vs 6.5%
7239 County Road 24, Loveland, CO 80538 · 4bd/2ba · $679,900
List Price
$679,900
Assumable Rate
2.94%
Remaining Balance
$338,721
Equity Gap
$341,179
Loan Type
FHAAdjust Your Scenario
$33,995
$33,995$341,179
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.94% + gap loan
$3,779/moAssumed loan: $1,417/mo
Gap financing: $2,362/mo
$303less per month with the assumable
Your Savings on This Property
7239 County Road 24, Loveland · 2.94% FHA vs 6.5% conventional
$303
per month
$3,641
per year
$109,244
over 30 years
$109,244
interest saved
How gap financing works: The equity gap ($341,179) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,995, 5% of purchase price) and a second mortgage for the rest ($307,184 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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