Loan Comparison: 2.77% vs 6.5%
1012 Sonoma, Longmont, CO 80504 · 3bd/2ba · $415,000
List Price
$415,000
Assumable Rate
2.77%
Remaining Balance
$186,615
Equity Gap
$228,385
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$228,385
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.77% + gap loan
$2,360/moAssumed loan: $764/mo
Gap financing: $1,597/mo
$132less per month with the assumable
Your Savings on This Property
1012 Sonoma, Longmont · 2.77% VA vs 6.5% conventional
$132
per month
$1,579
per year
$47,368
over 30 years
$47,368
interest saved
How gap financing works: The equity gap ($228,385) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($207,635 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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