Loan Comparison: 3.07% vs 6.5%
305 Quebec, Longmont, CO 80501 · 3bd/2ba · $330,000
List Price
$330,000
Assumable Rate
3.07%
Remaining Balance
$300,878
Equity Gap
$28,483
Loan Type
VAAdjust Your Scenario
$16,500
$16,500$28,483
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 3.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 3.07% + gap loan
$1,372/moAssumed loan: $1,280/mo
Gap financing: $92/mo
$609less per month with the assumable
Your Savings on This Property
305 Quebec, Longmont · 3.07% VA vs 6.5% conventional
$609
per month
$7,314
per year
$219,418
over 30 years
$218,779
interest saved
How gap financing works: The equity gap ($28,483) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($11,983 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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