Loan Comparison: 2.78% vs 6.5%
202 8th, Longmont, CO 80501 · 3bd/2ba · $575,000
List Price
$575,000
Assumable Rate
2.78%
Remaining Balance
$284,203
Equity Gap
$290,797
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$290,797
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.78% (FHA)
Blended Rate: 5.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.78% + gap loan
$3,180/moAssumed loan: $1,165/mo
Gap financing: $2,015/mo
$273less per month with the assumable
Your Savings on This Property
202 8th, Longmont · 2.78% FHA vs 6.5% conventional
$273
per month
$3,276
per year
$98,281
over 30 years
$98,281
interest saved
How gap financing works: The equity gap ($290,797) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($262,047 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.
📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.