Loan Comparison: 6.12% vs 6.5%
804 Summer Hawk Drive, Longmont, CO 80504 · 4bd/3ba · $312,000
List Price
$312,000
Assumable Rate
6.12%
Remaining Balance
$291,814
Equity Gap
$20,186
Loan Type
VAAdjust Your Scenario
$15,600
$15,600$20,186
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.12% (VA)
Blended Rate: 6.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,873/moAssumable @ 6.12% + gap loan
$1,804/moAssumed loan: $1,772/mo
Gap financing: $32/mo
$69less per month with the assumable
Your Savings on This Property
804 Summer Hawk Drive, Longmont · 6.12% VA vs 6.5% conventional
$69
per month
$831
per year
$24,924
over 30 years
$24,924
interest saved
How gap financing works: The equity gap ($20,186) 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 ($4,586 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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