Loan Comparison: 2.9% vs 6.5%
7400 Russell Circle, Longmont, CO 80504 · 3bd/3ba · $465,000
List Price
$465,000
Assumable Rate
2.9%
Remaining Balance
$398,477
Equity Gap
$66,522
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$66,522
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.9% + gap loan
$1,961/moAssumed loan: $1,659/mo
Gap financing: $303/mo
$831less per month with the assumable
Your Savings on This Property
7400 Russell Circle, Longmont · 2.9% VA vs 6.5% conventional
$831
per month
$9,972
per year
$299,166
over 30 years
$299,165
interest saved
How gap financing works: The equity gap ($66,522) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($43,272 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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