Loan Comparison: 2.77% vs 6.5%
31254 2nd Street, Gill, CO 80624 · 3bd/2ba · $339,000
List Price
$339,000
Assumable Rate
2.77%
Remaining Balance
$250,092
Equity Gap
$88,908
Loan Type
VAAdjust Your Scenario
$16,950
$16,950$88,908
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,036/moAssumable @ 2.77% + gap loan
$1,527/moAssumed loan: $1,024/mo
Gap financing: $503/mo
$509less per month with the assumable
Your Savings on This Property
31254 2nd Street, Gill · 2.77% VA vs 6.5% conventional
$509
per month
$6,106
per year
$183,170
over 30 years
$183,170
interest saved
How gap financing works: The equity gap ($88,908) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,950, 5% of purchase price) and a second mortgage for the rest ($71,958 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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