Loan Comparison: 3% vs 6.5%
10643 Pictured Rocks Drive, Peyton, CO 80831 · 4bd/3ba · $630,000
List Price
$630,000
Assumable Rate
3%
Remaining Balance
$370,945
Equity Gap
$259,055
Loan Type
VAAdjust Your Scenario
$31,500
$31,500$259,055
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,783/moAssumable @ 3% + gap loan
$3,155/moAssumed loan: $1,564/mo
Gap financing: $1,591/mo
$628less per month with the assumable
Your Savings on This Property
10643 Pictured Rocks Drive, Peyton · 3% VA vs 6.5% conventional
$628
per month
$7,535
per year
$226,048
over 30 years
$226,048
interest saved
How gap financing works: The equity gap ($259,055) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,500, 5% of purchase price) and a second mortgage for the rest ($227,555 at 7.5%). 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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