Loan Comparison: 6.21% vs 6.5%
330 Ridge Drive, Woodland Park, CO 80863 · 3bd/2ba · $625,000
List Price
$625,000
Assumable Rate
6.21%
Remaining Balance
$580,605
Equity Gap
$44,394
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$44,394
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.21% (VA)
Blended Rate: 6.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 6.21% + gap loan
$3,652/moAssumed loan: $3,560/mo
Gap financing: $92/mo
$101less per month with the assumable
Your Savings on This Property
330 Ridge Drive, Woodland Park · 6.21% VA vs 6.5% conventional
$101
per month
$1,214
per year
$36,434
over 30 years
$36,433
interest saved
How gap financing works: The equity gap ($44,394) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($13,144 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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