Loan Comparison: 3% vs 6.5%
10417 Mt Lincoln Drive, Peyton, CO 80831 · 6bd/4ba · $550,000
List Price
$550,000
Assumable Rate
3%
Remaining Balance
$224,332
Equity Gap
$325,668
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$325,668
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3% + gap loan
$3,031/moAssumed loan: $946/mo
Gap financing: $2,085/mo
$272less per month with the assumable
Your Savings on This Property
10417 Mt Lincoln Drive, Peyton · 3% VA vs 6.5% conventional
$272
per month
$3,263
per year
$97,894
over 30 years
$97,894
interest saved
How gap financing works: The equity gap ($325,668) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($298,168 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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