Loan Comparison: 6.62% vs 6.5%
729 Mathews Circle, Erie, CO 80516 · 5bd/3ba · $619,000
List Price
$619,000
Assumable Rate
6.62%
Remaining Balance
$568,405
Equity Gap
$50,595
Loan Type
VAAdjust Your Scenario
$30,950
$30,950$50,595
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.62% (VA)
Blended Rate: 6.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,717/moAssumable @ 6.62% + gap loan
$3,775/moAssumed loan: $3,638/mo
Gap financing: $137/mo
Your Savings on This Property
729 Mathews Circle, Erie · 6.62% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($50,595) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,950, 5% of purchase price) and a second mortgage for the rest ($19,645 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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