Loan Comparison: 2.74% vs 6.5%
320 Columbine Road, Palmer Lake, CO 80133 · 5bd/4ba · $609,000
List Price
$609,000
Assumable Rate
2.74%
Remaining Balance
$286,049
Equity Gap
$322,951
Loan Type
VAAdjust Your Scenario
$30,450
$30,450$322,951
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,657/moAssumable @ 2.74% + gap loan
$3,211/moAssumed loan: $1,166/mo
Gap financing: $2,045/mo
$445less per month with the assumable
Your Savings on This Property
320 Columbine Road, Palmer Lake · 2.74% VA vs 6.5% conventional
$445
per month
$5,344
per year
$160,331
over 30 years
$160,331
interest saved
How gap financing works: The equity gap ($322,951) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,450, 5% of purchase price) and a second mortgage for the rest ($292,501 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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