Loan Comparison: 2.84% vs 6.5%
1601 Great Western Drive, Longmont, CO 80501 · 3bd/3ba · $339,000
List Price
$339,000
Assumable Rate
2.84%
Remaining Balance
$276,354
Equity Gap
$62,645
Loan Type
FHAAdjust Your Scenario
$16,950
$16,950$62,645
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,036/moAssumable @ 2.84% + gap loan
$1,461/moAssumed loan: $1,141/mo
Gap financing: $320/mo
$575less per month with the assumable
Your Savings on This Property
1601 Great Western Drive, Longmont · 2.84% FHA vs 6.5% conventional
$575
per month
$6,896
per year
$206,878
over 30 years
$206,877
interest saved
How gap financing works: The equity gap ($62,645) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,950, 5% of purchase price) and a second mortgage for the rest ($45,695 at 7.5%). 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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