Loan Comparison: 2.98% vs 6.5%
345 Mountain View, Longmont, CO 80501 · 2bd/2ba · $575,000
List Price
$575,000
Assumable Rate
2.98%
Remaining Balance
$353,287
Equity Gap
$220,145
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$220,145
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.98% + gap loan
$2,957/moAssumed loan: $1,486/mo
Gap financing: $1,472/mo
$495less per month with the assumable
Your Savings on This Property
345 Mountain View, Longmont · 2.98% FHA vs 6.5% conventional
$495
per month
$5,944
per year
$178,324
over 30 years
$176,756
interest saved
How gap financing works: The equity gap ($220,145) 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 ($191,395 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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