Loan Comparison: 2.98% vs 6.5%
345 Mountain View, Longmont, CO 80501 · 2bd/2ba · $595,000
List Price
$595,000
Assumable Rate
2.98%
Remaining Balance
$354,072
Equity Gap
$240,145
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$240,145
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.98% + gap loan
$3,107/moAssumed loan: $1,489/mo
Gap financing: $1,618/mo
$466less per month with the assumable
Your Savings on This Property
345 Mountain View, Longmont · 2.98% FHA vs 6.5% conventional
$466
per month
$5,593
per year
$167,776
over 30 years
$166,993
interest saved
How gap financing works: The equity gap ($240,145) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($210,395 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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