Loan Comparison: 2.87% vs 6.5%
1464 Cherrywood Way, Longmont, CO 80504 · 3bd/2ba · $679,000
List Price
$679,000
Assumable Rate
2.87%
Remaining Balance
$373,029
Equity Gap
$305,971
Loan Type
FHAAdjust Your Scenario
$33,950
$33,950$305,971
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,077/moAssumable @ 2.87% + gap loan
$3,449/moAssumed loan: $1,547/mo
Gap financing: $1,902/mo
$628less per month with the assumable
Your Savings on This Property
1464 Cherrywood Way, Longmont · 2.87% FHA vs 6.5% conventional
$628
per month
$7,542
per year
$226,250
over 30 years
$226,250
interest saved
How gap financing works: The equity gap ($305,971) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,950, 5% of purchase price) and a second mortgage for the rest ($272,021 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.
🏠
Back to This Listing
View photos, details, and request a showing for 1464 Cherrywood Way.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.