Loan Comparison: 2.84% vs 6.5%
1601 Great Western, Longmont, CO 80501 · 3bd/3ba · $347,000
List Price
$347,000
Assumable Rate
2.84%
Remaining Balance
$279,471
Equity Gap
$67,529
Loan Type
FHAAdjust Your Scenario
$17,350
$17,350$67,529
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,084/moAssumable @ 2.84% + gap loan
$1,540/moAssumed loan: $1,154/mo
Gap financing: $386/mo
$543less per month with the assumable
Your Savings on This Property
1601 Great Western, Longmont · 2.84% FHA vs 6.5% conventional
$543
per month
$6,522
per year
$195,659
over 30 years
$195,659
interest saved
How gap financing works: The equity gap ($67,529) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,350, 5% of purchase price) and a second mortgage for the rest ($50,179 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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