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
$337,660
Equity Gap
$81,340
Loan Type
FHAAdjust Your Scenario
$20,950
$20,950$81,340
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 3.07% + gap loan
$1,901/moAssumed loan: $1,436/mo
Gap financing: $464/mo
$615less per month with the assumable
Your Savings on This Property
1225 Baker, Longmont · 3.07% FHA vs 6.5% conventional
$615
per month
$7,383
per year
$221,484
over 30 years
$221,484
interest saved
How gap financing works: The equity gap ($81,340) 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 ($60,390 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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