Loan Comparison: 2.48% vs 6.5%
2413 Water Cress Court, Longmont, CO 80504 · 3bd/3ba · $508,000
List Price
$508,000
Assumable Rate
2.48%
Remaining Balance
$203,101
Equity Gap
$304,898
Loan Type
VAAdjust Your Scenario
$25,400
$25,400$304,898
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.48% (VA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,050/moAssumable @ 2.48% + gap loan
$2,755/moAssumed loan: $800/mo
Gap financing: $1,954/mo
$296less per month with the assumable
Your Savings on This Property
2413 Water Cress Court, Longmont · 2.48% VA vs 6.5% conventional
$296
per month
$3,548
per year
$106,447
over 30 years
$106,446
interest saved
How gap financing works: The equity gap ($304,898) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,400, 5% of purchase price) and a second mortgage for the rest ($279,498 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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