Loan Comparison: 3.45% vs 6.5%
1901 Red Cloud, Longmont, CO 80504 · 3bd/3ba · $565,000
List Price
$565,000
Assumable Rate
3.45%
Remaining Balance
$494,809
Equity Gap
$69,197
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$69,197
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 3.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.45% + gap loan
$2,523/moAssumed loan: $2,208/mo
Gap financing: $315/mo
$870less per month with the assumable
Your Savings on This Property
1901 Red Cloud, Longmont · 3.45% FHA vs 6.5% conventional
$870
per month
$10,436
per year
$313,075
over 30 years
$312,081
interest saved
How gap financing works: The equity gap ($69,197) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($40,947 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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