Loan Comparison: 3.07% vs 6.5%
2305 Jewel, Longmont, CO 80501 · 6bd/3ba · $525,000
List Price
$525,000
Assumable Rate
3.07%
Remaining Balance
$443,232
Equity Gap
$159,768
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$159,768
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 3.07% + gap loan
$2,912/moAssumed loan: $1,885/mo
Gap financing: $1,027/mo
$240less per month with the assumable
Your Savings on This Property
2305 Jewel, Longmont · 3.07% FHA vs 6.5% conventional
$240
per month
$2,884
per year
$86,523
over 30 years
$164,523
interest saved
How gap financing works: The equity gap ($159,768) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($133,518 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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