Loan Comparison: 2.25% vs 6.5%
2209 Santa Fe, Longmont, CO 80504 · 3bd/3ba · $555,000
List Price
$555,000
Assumable Rate
2.25%
Remaining Balance
$257,226
Equity Gap
$297,774
Loan Type
VAAdjust Your Scenario
$27,750
$27,750$297,774
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.25% (VA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 2.25% + gap loan
$3,059/moAssumed loan: $983/mo
Gap financing: $2,076/mo
$273less per month with the assumable
Your Savings on This Property
2209 Santa Fe, Longmont · 2.25% VA vs 6.5% conventional
$273
per month
$3,277
per year
$98,313
over 30 years
$98,313
interest saved
How gap financing works: The equity gap ($297,774) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($270,024 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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