Loan Comparison: 6.5% vs 6.5%
5506 Water Avens Drive, Castle Rock, CO 80104 · 3bd/2ba · $749,000
List Price
$749,000
Assumable Rate
6.5%
Remaining Balance
$360,791
Equity Gap
$388,208
Loan Type
VAAdjust Your Scenario
$37,450
$37,450$388,208
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.5% (VA)
Blended Rate: 6.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,497/moAssumable @ 6.5% + gap loan
$4,733/moAssumed loan: $2,280/mo
Gap financing: $2,453/mo
Your Savings on This Property
5506 Water Avens Drive, Castle Rock · 6.5% 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 ($388,208) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,450, 5% of purchase price) and a second mortgage for the rest ($350,758 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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