Loan Comparison: 2.84% vs 6.5%
1601 Great Western, Longmont, CO 80501 · 3bd/3ba · $342,500
List Price
$342,500
Assumable Rate
2.84%
Remaining Balance
$278,850
Equity Gap
$61,793
Loan Type
FHAAdjust Your Scenario
$17,125
$17,125$61,793
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,057/moAssumable @ 2.84% + gap loan
$1,495/moAssumed loan: $1,152/mo
Gap financing: $343/mo
$561less per month with the assumable
Your Savings on This Property
1601 Great Western, Longmont · 2.84% FHA vs 6.5% conventional
$561
per month
$6,737
per year
$202,110
over 30 years
$200,253
interest saved
How gap financing works: The equity gap ($61,793) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,125, 5% of purchase price) and a second mortgage for the rest ($44,668 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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