Loan Comparison: 6.26% vs 6.5%
18 Kodiak Court, Longmont, CO 80504 · 5bd/3ba · $465,000
List Price
$465,000
Assumable Rate
6.26%
Remaining Balance
$418,587
Equity Gap
$46,413
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$46,413
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.26% (FHA)
Blended Rate: 6.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 6.26% + gap loan
$2,742/moAssumed loan: $2,580/mo
Gap financing: $162/mo
$50less per month with the assumable
Your Savings on This Property
18 Kodiak Court, Longmont · 6.26% FHA vs 6.5% conventional
$50
per month
$602
per year
$18,060
over 30 years
$18,060
interest saved
How gap financing works: The equity gap ($46,413) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($23,163 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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