Loan Comparison: 3.45% vs 6.5%
13023 Chenango Drive, Morrison, CO 80465 · 5bd/3ba · $499,900
List Price
$499,900
Assumable Rate
3.45%
Remaining Balance
$128,840
Equity Gap
$371,059
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$371,059
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 6.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.45% + gap loan
$2,995/moAssumed loan: $575/mo
Gap financing: $2,420/mo
$7less per month with the assumable
Your Savings on This Property
13023 Chenango Drive, Morrison · 3.45% VA vs 6.5% conventional
$7
per month
$84
per year
$2,532
over 30 years
$2,531
interest saved
How gap financing works: The equity gap ($371,059) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($346,064 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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