Loan Comparison: 5.5% vs 6.5%
97 Bannock Street, Woodland Park, CO 80863 · 4bd/3ba · $619,900
List Price
$619,900
Assumable Rate
5.5%
Remaining Balance
$538,556
Equity Gap
$81,344
Loan Type
VAAdjust Your Scenario
$30,995
$30,995$81,344
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.5% (VA)
Blended Rate: 5.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,722/moAssumable @ 5.5% + gap loan
$3,410/moAssumed loan: $3,058/mo
Gap financing: $352/mo
$312less per month with the assumable
Your Savings on This Property
97 Bannock Street, Woodland Park · 5.5% VA vs 6.5% conventional
$312
per month
$3,748
per year
$112,454
over 30 years
$112,454
interest saved
How gap financing works: The equity gap ($81,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,995, 5% of purchase price) and a second mortgage for the rest ($50,349 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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