Loan Comparison: 3.07% vs 6.5%
1225 Baker, Longmont, CO 80501 · 4bd/4ba · $419,000
List Price
$419,000
Assumable Rate
3.07%
Remaining Balance
$336,228
Equity Gap
$82,772
Loan Type
FHAAdjust Your Scenario
$20,950
$20,950$82,772
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 3.07% + gap loan
$1,906/moAssumed loan: $1,430/mo
Gap financing: $475/mo
$610less per month with the assumable
Your Savings on This Property
1225 Baker, Longmont · 3.07% FHA vs 6.5% conventional
$610
per month
$7,324
per year
$219,713
over 30 years
$219,713
interest saved
How gap financing works: The equity gap ($82,772) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($61,822 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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