Loan Comparison: 5% vs 6.5%
12 Sherman, Longmont, CO 80501 · 3bd/1ba · $410,000
List Price
$410,000
Assumable Rate
5%
Remaining Balance
$55,098
Equity Gap
$354,267
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$354,267
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5% (FHA)
Blended Rate: 8.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 5% + gap loan
$2,862/moAssumed loan: $296/mo
Gap financing: $2,566/mo
Your Savings on This Property
12 Sherman, Longmont · 5% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($354,267) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($333,767 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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