Loan Comparison: 3.23% vs 6.5%
1322 Carriage, Longmont, CO 80501 · 3bd/2ba · $435,000
List Price
$435,000
Assumable Rate
3.23%
Remaining Balance
$367,647
Equity Gap
$143,657
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$143,657
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.23% + gap loan
$2,533/moAssumed loan: $1,596/mo
Gap financing: $937/mo
$79less per month with the assumable
Your Savings on This Property
1322 Carriage, Longmont · 3.23% FHA vs 6.5% conventional
$79
per month
$944
per year
$28,322
over 30 years
$104,626
interest saved
How gap financing works: The equity gap ($143,657) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($121,907 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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