Loan Comparison: 3% vs 6.5%
510 Parkside, Longmont, CO 80501 · 4bd/4ba · $419,000
List Price
$419,000
Assumable Rate
3%
Remaining Balance
$49,900
Equity Gap
$419,000
Loan Type
FHAAdjust Your Scenario
$20,950
$20,950$419,000
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 7.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 3% + gap loan
$3,271/moAssumed loan: $210/mo
Gap financing: $3,061/mo
Your Savings on This Property
510 Parkside, Longmont · 3% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($419,000) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($398,050 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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