Loan Comparison: 2.9% vs 6.5%
7400 Russell, Longmont, CO 80504 · 3bd/3ba · $495,000
List Price
$495,000
Assumable Rate
2.9%
Remaining Balance
$402,892
Equity Gap
$92,108
Loan Type
VAAdjust Your Scenario
$24,750
$24,750$92,108
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 2.9% + gap loan
$2,195/moAssumed loan: $1,677/mo
Gap financing: $518/mo
$777less per month with the assumable
Your Savings on This Property
7400 Russell, Longmont · 2.9% VA vs 6.5% conventional
$777
per month
$9,329
per year
$279,870
over 30 years
$279,870
interest saved
How gap financing works: The equity gap ($92,108) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($67,358 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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