Loan Comparison: 2.81% vs 6.5%
128 5th, Longmont, CO 80504 · 2bd/1ba · $399,900
List Price
$399,900
Assumable Rate
2.81%
Remaining Balance
$304,107
Equity Gap
$95,792
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$95,792
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.81% + gap loan
$1,834/moAssumed loan: $1,251/mo
Gap financing: $583/mo
$567less per month with the assumable
Your Savings on This Property
128 5th, Longmont · 2.81% FHA vs 6.5% conventional
$567
per month
$6,807
per year
$204,217
over 30 years
$204,216
interest saved
How gap financing works: The equity gap ($95,792) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($75,797 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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