Loan Comparison: 3.53% vs 6.5%
443 Baker Street, Longmont, CO 80501 · 5bd/4ba · $429,000
List Price
$429,000
Assumable Rate
3.53%
Remaining Balance
$42,322
Equity Gap
$386,678
Loan Type
FHAAdjust Your Scenario
$21,450
$21,450$386,678
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.53% (FHA)
Blended Rate: 7.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,576/moAssumable @ 3.53% + gap loan
$2,744/moAssumed loan: $191/mo
Gap financing: $2,554/mo
Your Savings on This Property
443 Baker Street, Longmont · 3.53% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($386,678) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,450, 5% of purchase price) and a second mortgage for the rest ($365,228 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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