Loan Comparison: 2.75% vs 6.5%
10671 Upper Ridge, Longmont, CO 80504 · 3bd/2ba · $420,000
List Price
$420,000
Assumable Rate
2.75%
Remaining Balance
$362,938
Equity Gap
$58,640
Loan Type
VAAdjust Your Scenario
$21,000
$21,000$58,640
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.75% (VA)
Blended Rate: 3.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.75% + gap loan
$1,771/moAssumed loan: $1,482/mo
Gap financing: $289/mo
$751less per month with the assumable
Your Savings on This Property
10671 Upper Ridge, Longmont · 2.75% VA vs 6.5% conventional
$751
per month
$9,010
per year
$270,313
over 30 years
$271,891
interest saved
How gap financing works: The equity gap ($58,640) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($37,640 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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