Loan Comparison: 3.1% vs 6.5%
17215 Fairplay Drive, Monument, CO 80132 · 5bd/5ba · $1,068,960
List Price
$1,068,960
Assumable Rate
3.1%
Remaining Balance
$405,034
Equity Gap
$663,926
Loan Type
VAAdjust Your Scenario
$53,448
$53,448$663,926
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 5.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,419/moAssumable @ 3.1% + gap loan
$5,998/moAssumed loan: $1,730/mo
Gap financing: $4,269/mo
$421less per month with the assumable
Your Savings on This Property
17215 Fairplay Drive, Monument · 3.1% VA vs 6.5% conventional
$421
per month
$5,047
per year
$151,421
over 30 years
$151,421
interest saved
How gap financing works: The equity gap ($663,926) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($53,448, 5% of purchase price) and a second mortgage for the rest ($610,478 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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