Loan Comparison: 3.75% vs 6.5%
2407 Water Cress, Longmont, CO 80504 · 5bd/4ba · $789,900
List Price
$789,900
Assumable Rate
3.75%
Remaining Balance
$665,939
Equity Gap
$122,726
Loan Type
FHAAdjust Your Scenario
$39,495
$39,495$122,726
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.75% (FHA)
Blended Rate: 4.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,743/moAssumable @ 3.75% + gap loan
$3,724/moAssumed loan: $3,084/mo
Gap financing: $640/mo
$1,019less per month with the assumable
Your Savings on This Property
2407 Water Cress, Longmont · 3.75% FHA vs 6.5% conventional
$1,019
per month
$12,228
per year
$366,850
over 30 years
$365,615
interest saved
How gap financing works: The equity gap ($122,726) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,495, 5% of purchase price) and a second mortgage for the rest ($83,231 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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