Loan Comparison: 2.84% vs 6.5%
1601 Great Western, Longmont, CO 80501 · 3bd/3ba · $339,000
List Price
$339,000
Assumable Rate
2.84%
Remaining Balance
$277,605
Equity Gap
$58,293
Loan Type
FHAAdjust Your Scenario
$16,950
$16,950$58,293
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,036/moAssumable @ 2.84% + gap loan
$1,464/moAssumed loan: $1,147/mo
Gap financing: $318/mo
$571less per month with the assumable
Your Savings on This Property
1601 Great Western, Longmont · 2.84% FHA vs 6.5% conventional
$571
per month
$6,853
per year
$205,599
over 30 years
$202,497
interest saved
How gap financing works: The equity gap ($58,293) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,950, 5% of purchase price) and a second mortgage for the rest ($41,343 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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