Loan Comparison: 2.81% vs 6.5%
2401 Provenance, Longmont, CO 80504 · 5bd/4ba · $747,000
List Price
$747,000
Assumable Rate
2.81%
Remaining Balance
$463,355
Equity Gap
$284,717
Loan Type
VAAdjust Your Scenario
$37,350
$37,350$284,717
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 4.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,485/moAssumable @ 2.81% + gap loan
$3,808/moAssumed loan: $1,906/mo
Gap financing: $1,902/mo
$677less per month with the assumable
Your Savings on This Property
2401 Provenance, Longmont · 2.81% VA vs 6.5% conventional
$677
per month
$8,125
per year
$243,745
over 30 years
$244,817
interest saved
How gap financing works: The equity gap ($284,717) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,350, 5% of purchase price) and a second mortgage for the rest ($247,367 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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