Loan Comparison: 2.87% vs 6.5%
332 Bookcliff Court, Fruita, CO 81521 · 4bd/2ba · $479,000
List Price
$479,000
Assumable Rate
2.87%
Remaining Balance
$307,603
Equity Gap
$171,396
Loan Type
VAAdjust Your Scenario
$23,950
$23,950$171,396
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 2.87% + gap loan
$2,306/moAssumed loan: $1,275/mo
Gap financing: $1,031/mo
$570less per month with the assumable
Your Savings on This Property
332 Bookcliff Court, Fruita · 2.87% VA vs 6.5% conventional
$570
per month
$6,838
per year
$205,150
over 30 years
$205,149
interest saved
How gap financing works: The equity gap ($171,396) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($147,446 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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