Loan Comparison: 3.08% vs 6.5%
2454 Tulip, Longmont, CO 80501 · 2bd/2ba · $485,000
List Price
$485,000
Assumable Rate
3.08%
Remaining Balance
$350,115
Equity Gap
$133,352
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$133,352
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.08% + gap loan
$2,330/moAssumed loan: $1,491/mo
Gap financing: $839/mo
$582less per month with the assumable
Your Savings on This Property
2454 Tulip, Longmont · 3.08% VA vs 6.5% conventional
$582
per month
$6,985
per year
$209,558
over 30 years
$208,025
interest saved
How gap financing works: The equity gap ($133,352) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($109,102 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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