Loan Comparison: 4% vs 6.5%
6014 Hoofbeat Place, Castle Rock, CO 80108 · 3bd/3ba · $675,000
List Price
$675,000
Assumable Rate
4%
Remaining Balance
$445,395
Equity Gap
$229,605
Loan Type
VAAdjust Your Scenario
$33,750
$33,750$229,605
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (VA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,053/moAssumable @ 4% + gap loan
$3,496/moAssumed loan: $2,126/mo
Gap financing: $1,369/mo
$557less per month with the assumable
Your Savings on This Property
6014 Hoofbeat Place, Castle Rock · 4% VA vs 6.5% conventional
$557
per month
$6,688
per year
$200,630
over 30 years
$200,630
interest saved
How gap financing works: The equity gap ($229,605) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,750, 5% of purchase price) and a second mortgage for the rest ($195,855 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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