Loan Comparison: 2.94% vs 6.5%
7239 County Road 24, Loveland, CO 80538 · 4bd/2ba · $599,900
List Price
$599,900
Assumable Rate
2.94%
Remaining Balance
$337,158
Equity Gap
$261,959
Loan Type
FHAAdjust Your Scenario
$29,995
$29,995$261,959
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,602/moAssumable @ 2.94% + gap loan
$3,194/moAssumed loan: $1,411/mo
Gap financing: $1,784/mo
$408less per month with the assumable
Your Savings on This Property
7239 County Road 24, Loveland · 2.94% FHA vs 6.5% conventional
$408
per month
$4,896
per year
$146,880
over 30 years
$146,097
interest saved
How gap financing works: The equity gap ($261,959) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,995, 5% of purchase price) and a second mortgage for the rest ($231,964 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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