Loan Comparison: 2.87% vs 6.5%
1464 Cherrywood, Longmont, CO 80504 · 5bd/4ba · $725,000
List Price
$725,000
Assumable Rate
2.87%
Remaining Balance
$388,018
Equity Gap
$349,452
Loan Type
FHAAdjust Your Scenario
$36,250
$36,250$349,452
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,353/moAssumable @ 2.87% + gap loan
$4,017/moAssumed loan: $1,609/mo
Gap financing: $2,408/mo
$336less per month with the assumable
Your Savings on This Property
1464 Cherrywood, Longmont · 2.87% FHA vs 6.5% conventional
$336
per month
$4,036
per year
$121,066
over 30 years
$133,536
interest saved
How gap financing works: The equity gap ($349,452) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,250, 5% of purchase price) and a second mortgage for the rest ($313,202 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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