Loan Comparison: 2.9% vs 6.5%
7400 Russell, Longmont, CO 80504 · 3bd/3ba · $485,000
List Price
$485,000
Assumable Rate
2.9%
Remaining Balance
$402,013
Equity Gap
$80,357
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$80,357
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.9% + gap loan
$2,105/moAssumed loan: $1,673/mo
Gap financing: $431/mo
$808less per month with the assumable
Your Savings on This Property
7400 Russell, Longmont · 2.9% VA vs 6.5% conventional
$808
per month
$9,690
per year
$290,715
over 30 years
$288,085
interest saved
How gap financing works: The equity gap ($80,357) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($56,107 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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