Loan Comparison: 2.96% vs 6.5%
1930 Bobtail, Loveland, CO 80538 · 5bd/3ba · $499,000
List Price
$499,000
Assumable Rate
2.96%
Remaining Balance
$397,689
Equity Gap
$102,195
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$102,195
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 2.96% + gap loan
$2,262/moAssumed loan: $1,668/mo
Gap financing: $594/mo
$734less per month with the assumable
Your Savings on This Property
1930 Bobtail, Loveland · 2.96% FHA vs 6.5% conventional
$734
per month
$8,811
per year
$264,336
over 30 years
$265,220
interest saved
How gap financing works: The equity gap ($102,195) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($77,245 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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