Loan Comparison: 2.98% vs 6.5%
345 Mountain View Avenue, Longmont, CO 80501 · 4bd/3ba · $575,000
List Price
$575,000
Assumable Rate
2.98%
Remaining Balance
$352,500
Equity Gap
$222,500
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$222,500
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.98% + gap loan
$2,837/moAssumed loan: $1,482/mo
Gap financing: $1,355/mo
$616less per month with the assumable
Your Savings on This Property
345 Mountain View Avenue, Longmont · 2.98% FHA vs 6.5% conventional
$616
per month
$7,387
per year
$221,612
over 30 years
$221,612
interest saved
How gap financing works: The equity gap ($222,500) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($193,750 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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