Loan Comparison: 2.9% vs 6.5%
805 Summer Hawk Drive, Longmont, CO 80504 · 3bd/3ba · $379,900
List Price
$379,900
Assumable Rate
2.9%
Remaining Balance
$324,155
Equity Gap
$55,745
Loan Type
VAAdjust Your Scenario
$18,995
$18,995$55,745
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,281/moAssumable @ 2.9% + gap loan
$1,606/moAssumed loan: $1,349/mo
Gap financing: $257/mo
$675less per month with the assumable
Your Savings on This Property
805 Summer Hawk Drive, Longmont · 2.9% VA vs 6.5% conventional
$675
per month
$8,100
per year
$242,990
over 30 years
$242,990
interest saved
How gap financing works: The equity gap ($55,745) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,995, 5% of purchase price) and a second mortgage for the rest ($36,750 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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