Loan Comparison: 3.1% vs 6.5%
1578 Del Norte, Loveland, CO 80537 · 3bd/2ba · $550,000
List Price
$550,000
Assumable Rate
3.1%
Remaining Balance
$434,145
Equity Gap
$116,758
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$116,758
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3.1% + gap loan
$2,540/moAssumed loan: $1,854/mo
Gap financing: $686/mo
$762less per month with the assumable
Your Savings on This Property
1578 Del Norte, Loveland · 3.1% FHA vs 6.5% conventional
$762
per month
$9,148
per year
$274,453
over 30 years
$275,356
interest saved
How gap financing works: The equity gap ($116,758) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($89,258 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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