Loan Comparison: 3.57% vs 6.5%
1821 Meadow, Longmont, CO 80501 · 4bd/2ba · $477,000
List Price
$477,000
Assumable Rate
3.57%
Remaining Balance
$205,397
Equity Gap
$270,472
Loan Type
FHAAdjust Your Scenario
$23,850
$23,850$270,472
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.57% (FHA)
Blended Rate: 6.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,864/moAssumable @ 3.57% + gap loan
$2,827/moAssumed loan: $930/mo
Gap financing: $1,896/mo
$38less per month with the assumable
Your Savings on This Property
1821 Meadow, Longmont · 3.57% FHA vs 6.5% conventional
$38
per month
$450
per year
$13,514
over 30 years
$12,383
interest saved
How gap financing works: The equity gap ($270,472) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,850, 5% of purchase price) and a second mortgage for the rest ($246,622 at 8.5%). 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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