Loan Comparison: 2.83% vs 6.5%
19 Dale, Longmont, CO 80501 · 5bd/4ba · $705,000
List Price
$705,000
Assumable Rate
2.83%
Remaining Balance
$508,567
Equity Gap
$191,768
Loan Type
FHAAdjust Your Scenario
$35,250
$35,250$191,768
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,233/moAssumable @ 2.83% + gap loan
$3,301/moAssumed loan: $2,098/mo
Gap financing: $1,203/mo
$932less per month with the assumable
Your Savings on This Property
19 Dale, Longmont · 2.83% FHA vs 6.5% conventional
$932
per month
$11,184
per year
$335,518
over 30 years
$330,853
interest saved
How gap financing works: The equity gap ($191,768) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,250, 5% of purchase price) and a second mortgage for the rest ($156,518 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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