Loan Comparison: 4.98% vs 6.5%
817 Garfield, Loveland, CO 80537 · 2bd/1ba · $424,900
List Price
$424,900
Assumable Rate
4.98%
Remaining Balance
$382,958
Equity Gap
$56,098
Loan Type
FHAAdjust Your Scenario
$21,245
$21,245$56,098
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 4.98% + gap loan
$2,319/moAssumed loan: $2,051/mo
Gap financing: $268/mo
$232less per month with the assumable
Your Savings on This Property
817 Garfield, Loveland · 4.98% FHA vs 6.5% conventional
$232
per month
$2,787
per year
$83,614
over 30 years
$97,770
interest saved
How gap financing works: The equity gap ($56,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,245, 5% of purchase price) and a second mortgage for the rest ($34,853 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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