Loan Comparison: 3.11% vs 6.5%
367 Cottonwood Lake Drive, Divide, CO 80814 · 5bd/4ba · $724,000
List Price
$724,000
Assumable Rate
3.11%
Remaining Balance
$587,901
Equity Gap
$136,098
Loan Type
VAAdjust Your Scenario
$36,200
$36,200$136,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.11% (VA)
Blended Rate: 3.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,347/moAssumable @ 3.11% + gap loan
$3,212/moAssumed loan: $2,514/mo
Gap financing: $699/mo
$1,135less per month with the assumable
Your Savings on This Property
367 Cottonwood Lake Drive, Divide · 3.11% VA vs 6.5% conventional
$1,135
per month
$13,623
per year
$408,684
over 30 years
$408,683
interest saved
How gap financing works: The equity gap ($136,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,200, 5% of purchase price) and a second mortgage for the rest ($99,898 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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