Loan Comparison: 6% vs 6.5%
1535 Terry Street, Longmont, CO 80501 · 5bd/3ba · $617,300
List Price
$617,300
Assumable Rate
6%
Remaining Balance
$532,380
Equity Gap
$84,919
Loan Type
FHAAdjust Your Scenario
$30,865
$30,865$84,919
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (FHA)
Blended Rate: 6.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,707/moAssumable @ 6% + gap loan
$3,570/moAssumed loan: $3,192/mo
Gap financing: $378/mo
$137less per month with the assumable
Your Savings on This Property
1535 Terry Street, Longmont · 6% FHA vs 6.5% conventional
$137
per month
$1,642
per year
$49,258
over 30 years
$49,257
interest saved
How gap financing works: The equity gap ($84,919) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,865, 5% of purchase price) and a second mortgage for the rest ($54,054 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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