Loan Comparison: 2.88% vs 6.5%
4298 Meadows Drive, Castle Rock, CO 80109 · 2bd/3ba · $485,000
List Price
$485,000
Assumable Rate
2.88%
Remaining Balance
$272,606
Equity Gap
$212,393
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$212,393
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.88% + gap loan
$2,447/moAssumed loan: $1,132/mo
Gap financing: $1,316/mo
$465less per month with the assumable
Your Savings on This Property
4298 Meadows Drive, Castle Rock · 2.88% VA vs 6.5% conventional
$465
per month
$5,580
per year
$167,393
over 30 years
$167,392
interest saved
How gap financing works: The equity gap ($212,393) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($188,143 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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