Loan Comparison: 2.9% vs 6.5%
10590 Butte Drive, Longmont, CO 80504 · 5bd/4ba · $432,000
List Price
$432,000
Assumable Rate
2.9%
Remaining Balance
$14,642
Equity Gap
$417,358
Loan Type
FHAAdjust Your Scenario
$21,600
$21,600$417,358
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 7.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,594/moAssumable @ 2.9% + gap loan
$2,828/moAssumed loan: $61/mo
Gap financing: $2,767/mo
Your Savings on This Property
10590 Butte Drive, Longmont · 2.9% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($417,358) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,600, 5% of purchase price) and a second mortgage for the rest ($395,758 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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