Loan Comparison: 2.81% vs 6.5%
331 Heidie Lane, Milliken, CO 80543 · 5bd/3ba · $635,000
List Price
$635,000
Assumable Rate
2.81%
Remaining Balance
$425,716
Equity Gap
$209,284
Loan Type
VAAdjust Your Scenario
$31,750
$31,750$209,284
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,813/moAssumable @ 2.81% + gap loan
$2,993/moAssumed loan: $1,752/mo
Gap financing: $1,241/mo
$820less per month with the assumable
Your Savings on This Property
331 Heidie Lane, Milliken · 2.81% VA vs 6.5% conventional
$820
per month
$9,841
per year
$295,236
over 30 years
$295,236
interest saved
How gap financing works: The equity gap ($209,284) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,750, 5% of purchase price) and a second mortgage for the rest ($177,534 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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