Loan Comparison: 3.08% vs 6.5%
2454 Tulip, Longmont, CO 80501 · 2bd/2ba · $500,000
List Price
$500,000
Assumable Rate
3.08%
Remaining Balance
$352,411
Equity Gap
$148,352
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$148,352
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.08% + gap loan
$2,449/moAssumed loan: $1,501/mo
Gap financing: $948/mo
$553less per month with the assumable
Your Savings on This Property
2454 Tulip, Longmont · 3.08% VA vs 6.5% conventional
$553
per month
$6,634
per year
$199,017
over 30 years
$199,780
interest saved
How gap financing works: The equity gap ($148,352) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($123,352 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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