Loan Comparison: 2.99% vs 6.5%
1524 Red Mountain, Longmont, CO 80504 · 5bd/4ba · $700,000
List Price
$700,000
Assumable Rate
2.99%
Remaining Balance
$533,644
Equity Gap
$166,356
Loan Type
VAAdjust Your Scenario
$35,000
$35,000$166,356
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 4.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 2.99% + gap loan
$3,257/moAssumed loan: $2,247/mo
Gap financing: $1,010/mo
$946less per month with the assumable
Your Savings on This Property
1524 Red Mountain, Longmont · 2.99% VA vs 6.5% conventional
$946
per month
$11,355
per year
$340,650
over 30 years
$340,650
interest saved
How gap financing works: The equity gap ($166,356) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,000, 5% of purchase price) and a second mortgage for the rest ($131,356 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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