Loan Comparison: 2.73% vs 6.5%
12882 Crane River Drive, Longmont, CO 80504 · 3bd/3ba · $569,000
List Price
$569,000
Assumable Rate
2.73%
Remaining Balance
$381,134
Equity Gap
$187,865
Loan Type
FHAAdjust Your Scenario
$28,450
$28,450$187,865
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.73% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,417/moAssumable @ 2.73% + gap loan
$2,667/moAssumed loan: $1,552/mo
Gap financing: $1,115/mo
$750less per month with the assumable
Your Savings on This Property
12882 Crane River Drive, Longmont · 2.73% FHA vs 6.5% conventional
$750
per month
$9,001
per year
$270,029
over 30 years
$270,028
interest saved
How gap financing works: The equity gap ($187,865) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,450, 5% of purchase price) and a second mortgage for the rest ($159,415 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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