Loan Comparison: 3.27% vs 6.5%
1924 Alpine Street, Longmont, CO 80516 · 5bd/4ba · $850,000
List Price
$850,000
Assumable Rate
3.27%
Remaining Balance
$496,101
Equity Gap
$353,899
Loan Type
FHAAdjust Your Scenario
$42,500
$42,500$353,899
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.27% (FHA)
Blended Rate: 4.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,104/moAssumable @ 3.27% + gap loan
$4,342/moAssumed loan: $2,165/mo
Gap financing: $2,177/mo
$762less per month with the assumable
Your Savings on This Property
1924 Alpine Street, Longmont · 3.27% FHA vs 6.5% conventional
$762
per month
$9,145
per year
$274,352
over 30 years
$274,352
interest saved
How gap financing works: The equity gap ($353,899) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,500, 5% of purchase price) and a second mortgage for the rest ($311,399 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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