Loan Comparison: 2.87% vs 6.5%
1464 Cherrywood, Longmont, CO 80504 · 5bd/4ba · $679,000
List Price
$679,000
Assumable Rate
2.87%
Remaining Balance
$373,870
Equity Gap
$303,452
Loan Type
FHAAdjust Your Scenario
$33,950
$33,950$303,452
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,077/moAssumable @ 2.87% + gap loan
$3,622/moAssumed loan: $1,550/mo
Gap financing: $2,072/mo
$455less per month with the assumable
Your Savings on This Property
1464 Cherrywood, Longmont · 2.87% FHA vs 6.5% conventional
$455
per month
$5,457
per year
$163,713
over 30 years
$162,035
interest saved
How gap financing works: The equity gap ($303,452) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,950, 5% of purchase price) and a second mortgage for the rest ($269,502 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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