Loan Comparison: 6% vs 6.5%
1535 Terry, Longmont, CO 80501 · 5bd/3ba · $617,300
List Price
$617,300
Assumable Rate
6%
Remaining Balance
$554,766
Equity Gap
$84,258
Loan Type
FHAAdjust Your Scenario
$30,865
$30,865$84,258
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (FHA)
Blended Rate: 6.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,707/moAssumable @ 6% + gap loan
$3,737/moAssumed loan: $3,326/mo
Gap financing: $411/mo
Your Savings on This Property
1535 Terry, Longmont · 6% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$10,931
interest saved
How gap financing works: The equity gap ($84,258) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,865, 5% of purchase price) and a second mortgage for the rest ($53,393 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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