Loan Comparison: 6.82% vs 6.5%
7242 High Street, Longmont, CO 80504 · 3bd/2ba · $505,000
List Price
$505,000
Assumable Rate
6.82%
Remaining Balance
$471,631
Equity Gap
$33,369
Loan Type
FHAAdjust Your Scenario
$25,250
$25,250$33,369
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.82% (FHA)
Blended Rate: 6.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,032/moAssumable @ 6.82% + gap loan
$3,138/moAssumed loan: $3,081/mo
Gap financing: $57/mo
Your Savings on This Property
7242 High Street, Longmont · 6.82% 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 ($33,369) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,250, 5% of purchase price) and a second mortgage for the rest ($8,119 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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