Loan Comparison: 3.1% vs 6.5%
2382 Pelican Bay Drive, Monument, CO 80132 · 3bd/4ba · $652,000
List Price
$652,000
Assumable Rate
3.1%
Remaining Balance
$445,030
Equity Gap
$206,969
Loan Type
VAAdjust Your Scenario
$32,600
$32,600$206,969
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 4.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,915/moAssumable @ 3.1% + gap loan
$3,120/moAssumed loan: $1,900/mo
Gap financing: $1,219/mo
$795less per month with the assumable
Your Savings on This Property
2382 Pelican Bay Drive, Monument · 3.1% VA vs 6.5% conventional
$795
per month
$9,546
per year
$286,367
over 30 years
$286,366
interest saved
How gap financing works: The equity gap ($206,969) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,600, 5% of purchase price) and a second mortgage for the rest ($174,369 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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