Loan Comparison: 3.1% vs 6.5%
1404 Whitehall, Longmont, CO 80504 · 2bd/2ba · $408,000
List Price
$408,000
Assumable Rate
3.1%
Remaining Balance
$363,431
Equity Gap
$43,056
Loan Type
FHAAdjust Your Scenario
$20,400
$20,400$43,056
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,450/moAssumable @ 3.1% + gap loan
$1,726/moAssumed loan: $1,552/mo
Gap financing: $174/mo
$724less per month with the assumable
Your Savings on This Property
1404 Whitehall, Longmont · 3.1% FHA vs 6.5% conventional
$724
per month
$8,685
per year
$260,561
over 30 years
$259,048
interest saved
How gap financing works: The equity gap ($43,056) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,400, 5% of purchase price) and a second mortgage for the rest ($22,656 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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