Loan Comparison: 2.98% vs 6.5%
3401 Larkspur, Longmont, CO 80503 · 4bd/4ba · $750,000
List Price
$750,000
Assumable Rate
2.98%
Remaining Balance
$452,056
Equity Gap
$298,941
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$298,941
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 5.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.98% + gap loan
$3,911/moAssumed loan: $1,901/mo
Gap financing: $2,010/mo
$592less per month with the assumable
Your Savings on This Property
3401 Larkspur, Longmont · 2.98% VA vs 6.5% conventional
$592
per month
$7,107
per year
$213,198
over 30 years
$214,195
interest saved
How gap financing works: The equity gap ($298,941) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($261,441 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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