Loan Comparison: 2.68% vs 6.5%
1507 Jackson Court, Longmont, CO 80501 · 3bd/3ba · $705,000
List Price
$705,000
Assumable Rate
2.68%
Remaining Balance
$417,442
Equity Gap
$287,558
Loan Type
FHAAdjust Your Scenario
$35,250
$35,250$287,558
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,233/moAssumable @ 2.68% + gap loan
$3,453/moAssumed loan: $1,689/mo
Gap financing: $1,764/mo
$780less per month with the assumable
Your Savings on This Property
1507 Jackson Court, Longmont · 2.68% FHA vs 6.5% conventional
$780
per month
$9,364
per year
$280,933
over 30 years
$280,933
interest saved
How gap financing works: The equity gap ($287,558) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,250, 5% of purchase price) and a second mortgage for the rest ($252,308 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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