Loan Comparison: 2.9% vs 6.5%
7400 Russell, Longmont, CO 80504 · 3bd/3ba · $479,000
List Price
$479,000
Assumable Rate
2.9%
Remaining Balance
$401,132
Equity Gap
$74,357
Loan Type
VAAdjust Your Scenario
$23,950
$23,950$74,357
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 2.9% + gap loan
$2,057/moAssumed loan: $1,670/mo
Gap financing: $388/mo
$819less per month with the assumable
Your Savings on This Property
7400 Russell, Longmont · 2.9% VA vs 6.5% conventional
$819
per month
$9,828
per year
$294,843
over 30 years
$291,332
interest saved
How gap financing works: The equity gap ($74,357) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($50,407 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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