Loan Comparison: 2.94% vs 6.5%
7239 County Road 24, Loveland, CO 80538 · 4bd/2ba · $644,500
List Price
$644,500
Assumable Rate
2.94%
Remaining Balance
$337,158
Equity Gap
$306,559
Loan Type
FHAAdjust Your Scenario
$32,225
$32,225$306,559
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,870/moAssumable @ 2.94% + gap loan
$3,520/moAssumed loan: $1,411/mo
Gap financing: $2,109/mo
$350less per month with the assumable
Your Savings on This Property
7239 County Road 24, Loveland · 2.94% FHA vs 6.5% conventional
$350
per month
$4,200
per year
$126,007
over 30 years
$125,224
interest saved
How gap financing works: The equity gap ($306,559) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,225, 5% of purchase price) and a second mortgage for the rest ($274,334 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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