Loan Comparison: 2.9% vs 6.5%
1535 Amherst, Longmont, CO 80503 · 4bd/3ba · $525,000
List Price
$525,000
Assumable Rate
2.9%
Remaining Balance
$428,679
Equity Gap
$111,716
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$111,716
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 2.9% + gap loan
$2,441/moAssumed loan: $1,784/mo
Gap financing: $657/mo
$711less per month with the assumable
Your Savings on This Property
1535 Amherst, Longmont · 2.9% FHA vs 6.5% conventional
$711
per month
$8,532
per year
$255,956
over 30 years
$271,351
interest saved
How gap financing works: The equity gap ($111,716) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($85,466 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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