Loan Comparison: 2.83% vs 6.5%
143 Misty Creek Drive, Monument, CO 80132 · 5bd/4ba · $490,000
List Price
$490,000
Assumable Rate
2.83%
Remaining Balance
$305,265
Equity Gap
$184,734
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$184,734
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.83% + gap loan
$2,380/moAssumed loan: $1,259/mo
Gap financing: $1,120/mo
$563less per month with the assumable
Your Savings on This Property
143 Misty Creek Drive, Monument · 2.83% VA vs 6.5% conventional
$563
per month
$6,752
per year
$202,574
over 30 years
$202,573
interest saved
How gap financing works: The equity gap ($184,734) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($160,234 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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