Loan Comparison: 2.94% vs 6.5%
6108 Kochia Court, Erie, CO 80516 · 3bd/3ba · $389,000
List Price
$389,000
Assumable Rate
2.94%
Remaining Balance
$311,486
Equity Gap
$77,514
Loan Type
VAAdjust Your Scenario
$19,450
$19,450$77,514
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.94% + gap loan
$1,709/moAssumed loan: $1,303/mo
Gap financing: $406/mo
$627less per month with the assumable
Your Savings on This Property
6108 Kochia Court, Erie · 2.94% VA vs 6.5% conventional
$627
per month
$7,520
per year
$225,589
over 30 years
$225,589
interest saved
How gap financing works: The equity gap ($77,514) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($58,064 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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