Loan Comparison: 2.72% vs 6.5%
12875 Hillcrest Drive, Longmont, CO 80504 · 3bd/3ba · $824,000
List Price
$824,000
Assumable Rate
2.72%
Remaining Balance
$186,930
Equity Gap
$637,069
Loan Type
FHAAdjust Your Scenario
$41,200
$41,200$637,069
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.72% (FHA)
Blended Rate: 6.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,948/moAssumable @ 2.72% + gap loan
$4,927/moAssumed loan: $760/mo
Gap financing: $4,166/mo
$21less per month with the assumable
Your Savings on This Property
12875 Hillcrest Drive, Longmont · 2.72% FHA vs 6.5% conventional
$21
per month
$255
per year
$7,656
over 30 years
$7,655
interest saved
How gap financing works: The equity gap ($637,069) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,200, 5% of purchase price) and a second mortgage for the rest ($595,869 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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