Loan Comparison: 5.22% vs 6.5%
4404 Garnet, Longmont, CO 80504 · 4bd/3ba · $530,000
List Price
$530,000
Assumable Rate
5.22%
Remaining Balance
$466,743
Equity Gap
$63,257
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$63,257
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 5.22% + gap loan
$2,851/moAssumed loan: $2,569/mo
Gap financing: $283/mo
$331less per month with the assumable
Your Savings on This Property
4404 Garnet, Longmont · 5.22% FHA vs 6.5% conventional
$331
per month
$3,974
per year
$119,206
over 30 years
$119,206
interest saved
How gap financing works: The equity gap ($63,257) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($36,757 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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