Loan Comparison: 6% vs 6.5%
1415 Deerwood Drive, Longmont, CO 80504 · 5bd/3ba · $526,000
List Price
$526,000
Assumable Rate
6%
Remaining Balance
$113,118
Equity Gap
$412,882
Loan Type
FHAAdjust Your Scenario
$26,300
$26,300$412,882
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (FHA)
Blended Rate: 7.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,158/moAssumable @ 6% + gap loan
$3,381/moAssumed loan: $678/mo
Gap financing: $2,703/mo
Your Savings on This Property
1415 Deerwood Drive, Longmont · 6% 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 ($412,882) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,300, 5% of purchase price) and a second mortgage for the rest ($386,582 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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