Loan Comparison: 5.98% vs 6.5%
8418 Stirrup Lane, Longmont, CO 80503 · 3bd/3ba · $1,700,000
List Price
$1,700,000
Assumable Rate
5.98%
Remaining Balance
$1,417,730
Equity Gap
$282,269
Loan Type
VAAdjust Your Scenario
$85,000
$85,000$282,269
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.98% (VA)
Blended Rate: 6.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$10,208/moAssumable @ 5.98% + gap loan
$9,861/moAssumed loan: $8,482/mo
Gap financing: $1,379/mo
$347less per month with the assumable
Your Savings on This Property
8418 Stirrup Lane, Longmont · 5.98% VA vs 6.5% conventional
$347
per month
$4,161
per year
$124,840
over 30 years
$124,839
interest saved
How gap financing works: The equity gap ($282,269) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($85,000, 5% of purchase price) and a second mortgage for the rest ($197,269 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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