Loan Comparison: 2.83% vs 6.5%
2969 Cub Lake, Loveland, CO 80538 · 3bd/3ba · $515,000
List Price
$515,000
Assumable Rate
2.83%
Remaining Balance
$352,718
Equity Gap
$175,848
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$175,848
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.83% + gap loan
$2,609/moAssumed loan: $1,455/mo
Gap financing: $1,154/mo
$483less per month with the assumable
Your Savings on This Property
2969 Cub Lake, Loveland · 2.83% FHA vs 6.5% conventional
$483
per month
$5,800
per year
$174,002
over 30 years
$187,568
interest saved
How gap financing works: The equity gap ($175,848) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($150,098 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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