Loan Comparison: 5.4% vs 6.5%
2244 Santa Fe, Longmont, CO 80504 · 3bd/2ba · $575,000
List Price
$575,000
Assumable Rate
5.4%
Remaining Balance
$356,794
Equity Gap
$219,175
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$219,175
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.4% (FHA)
Blended Rate: 6.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 5.4% + gap loan
$3,468/moAssumed loan: $2,004/mo
Gap financing: $1,464/mo
Your Savings on This Property
2244 Santa Fe, Longmont · 5.4% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($219,175) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($190,425 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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