Loan Comparison: 2.78% vs 6.5%
202 8th Avenue, Longmont, CO 80501 · 3bd/2ba · $550,000
List Price
$550,000
Assumable Rate
2.78%
Remaining Balance
$282,899
Equity Gap
$267,101
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$267,101
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.78% (FHA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.78% + gap loan
$2,835/moAssumed loan: $1,159/mo
Gap financing: $1,675/mo
$468less per month with the assumable
Your Savings on This Property
202 8th Avenue, Longmont · 2.78% FHA vs 6.5% conventional
$468
per month
$5,614
per year
$168,415
over 30 years
$168,415
interest saved
How gap financing works: The equity gap ($267,101) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($239,601 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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