Loan Comparison: 2.83% vs 6.5%
1345 Dogwood Lane, Longmont, CO 80501 · 3bd/3ba · $350,000
List Price
$350,000
Assumable Rate
2.83%
Remaining Balance
$312,492
Equity Gap
$37,508
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$37,508
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.83% + gap loan
$1,429/moAssumed loan: $1,289/mo
Gap financing: $140/mo
$673less per month with the assumable
Your Savings on This Property
1345 Dogwood Lane, Longmont · 2.83% FHA vs 6.5% conventional
$673
per month
$8,073
per year
$242,181
over 30 years
$242,181
interest saved
How gap financing works: The equity gap ($37,508) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($20,008 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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