Loan Comparison: 2.87% vs 6.5%
1464 Cherrywood, Longmont, CO 80504 · 5bd/4ba · $750,000
List Price
$750,000
Assumable Rate
2.87%
Remaining Balance
$391,407
Equity Gap
$373,616
Loan Type
FHAAdjust Your Scenario
$37,500
$37,500$373,616
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.87% + gap loan
$4,207/moAssumed loan: $1,623/mo
Gap financing: $2,584/mo
$296less per month with the assumable
Your Savings on This Property
1464 Cherrywood, Longmont · 2.87% FHA vs 6.5% conventional
$296
per month
$3,554
per year
$106,622
over 30 years
$121,645
interest saved
How gap financing works: The equity gap ($373,616) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($336,116 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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