Loan Comparison: 6.5% vs 6.5%
804 Summer Hawk Drive, Longmont, CO 80504 · 2bd/2ba · $312,000
List Price
$312,000
Assumable Rate
6.5%
Remaining Balance
$292,227
Equity Gap
$19,772
Loan Type
VAAdjust Your Scenario
$15,600
$15,600$19,772
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.5% (VA)
Blended Rate: 6.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,873/moAssumable @ 6.5% + gap loan
$1,876/moAssumed loan: $1,847/mo
Gap financing: $29/mo
Your Savings on This Property
804 Summer Hawk Drive, Longmont · 6.5% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($19,772) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,600, 5% of purchase price) and a second mortgage for the rest ($4,172 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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