Loan Comparison: 3.04% vs 6.5%
5165 Lake Terrace Lane, Longmont, CO 80504 · 3bd/3ba · $704,555
List Price
$704,555
Assumable Rate
3.04%
Remaining Balance
$502,283
Equity Gap
$202,271
Loan Type
VAAdjust Your Scenario
$35,228
$35,228$202,271
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.04% (VA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,231/moAssumable @ 3.04% + gap loan
$3,296/moAssumed loan: $2,128/mo
Gap financing: $1,168/mo
$934less per month with the assumable
Your Savings on This Property
5165 Lake Terrace Lane, Longmont · 3.04% VA vs 6.5% conventional
$934
per month
$11,209
per year
$336,283
over 30 years
$336,281
interest saved
How gap financing works: The equity gap ($202,271) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,228, 5% of purchase price) and a second mortgage for the rest ($167,043 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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