Loan Comparison: 3.23% vs 6.5%
539 Cora, Loveland, CO 80537 · 2bd/1ba · $355,000
List Price
$355,000
Assumable Rate
3.23%
Remaining Balance
$258,660
Equity Gap
$106,844
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$106,844
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.23% + gap loan
$1,808/moAssumed loan: $1,123/mo
Gap financing: $685/mo
$324less per month with the assumable
Your Savings on This Property
539 Cora, Loveland · 3.23% FHA vs 6.5% conventional
$324
per month
$3,885
per year
$116,541
over 30 years
$127,045
interest saved
How gap financing works: The equity gap ($106,844) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($89,094 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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