Loan Comparison: 2.7% vs 6.5%
2186 Lombardy Street, Longmont, CO 80503 · 4bd/3ba · $899,000
List Price
$899,000
Assumable Rate
2.7%
Remaining Balance
$477,939
Equity Gap
$421,061
Loan Type
VAAdjust Your Scenario
$44,950
$44,950$421,061
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (VA)
Blended Rate: 4.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,398/moAssumable @ 2.7% + gap loan
$4,568/moAssumed loan: $1,939/mo
Gap financing: $2,630/mo
$830less per month with the assumable
Your Savings on This Property
2186 Lombardy Street, Longmont · 2.7% VA vs 6.5% conventional
$830
per month
$9,958
per year
$298,744
over 30 years
$298,744
interest saved
How gap financing works: The equity gap ($421,061) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($44,950, 5% of purchase price) and a second mortgage for the rest ($376,111 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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