Loan Comparison: 4.98% vs 6.5%
1546 Cleveland, Loveland, CO 80538 · 2bd/1ba · $370,000
List Price
$370,000
Assumable Rate
4.98%
Remaining Balance
$284,281
Equity Gap
$85,277
Loan Type
FHAAdjust Your Scenario
$18,500
$18,500$85,277
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 4.98% + gap loan
$2,036/moAssumed loan: $1,523/mo
Gap financing: $513/mo
$186less per month with the assumable
Your Savings on This Property
1546 Cleveland, Loveland · 4.98% FHA vs 6.5% conventional
$186
per month
$2,228
per year
$66,835
over 30 years
$66,393
interest saved
How gap financing works: The equity gap ($85,277) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($66,777 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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