Loan Comparison: 3.07% vs 6.5%
216 2nd Street, Mead, CO 80542 · 3bd/3ba · $449,900
List Price
$449,900
Assumable Rate
3.07%
Remaining Balance
$323,543
Equity Gap
$126,357
Loan Type
VAAdjust Your Scenario
$22,495
$22,495$126,357
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,701/moAssumable @ 3.07% + gap loan
$2,103/moAssumed loan: $1,376/mo
Gap financing: $726/mo
$599less per month with the assumable
Your Savings on This Property
216 2nd Street, Mead · 3.07% VA vs 6.5% conventional
$599
per month
$7,187
per year
$215,624
over 30 years
$215,624
interest saved
How gap financing works: The equity gap ($126,357) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,495, 5% of purchase price) and a second mortgage for the rest ($103,862 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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