Loan Comparison: 2.87% vs 6.5%
600 Spruce Street, Woodland Park, CO 80863 · 3bd/2ba · $560,000
List Price
$560,000
Assumable Rate
2.87%
Remaining Balance
$472,979
Equity Gap
$87,021
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$87,021
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.87% + gap loan
$2,374/moAssumed loan: $1,961/mo
Gap financing: $413/mo
$989less per month with the assumable
Your Savings on This Property
600 Spruce Street, Woodland Park · 2.87% VA vs 6.5% conventional
$989
per month
$11,866
per year
$355,978
over 30 years
$355,978
interest saved
How gap financing works: The equity gap ($87,021) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($59,021 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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