Loan Comparison: 3% vs 6.5%
2010 Ridgway Court, Loveland, CO 80538 · 4bd/3ba · $695,000
List Price
$695,000
Assumable Rate
3%
Remaining Balance
$221,049
Equity Gap
$473,951
Loan Type
VAAdjust Your Scenario
$34,750
$34,750$473,951
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,173/moAssumable @ 3% + gap loan
$4,003/moAssumed loan: $932/mo
Gap financing: $3,071/mo
$170less per month with the assumable
Your Savings on This Property
2010 Ridgway Court, Loveland · 3% VA vs 6.5% conventional
$170
per month
$2,044
per year
$61,315
over 30 years
$61,315
interest saved
How gap financing works: The equity gap ($473,951) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,750, 5% of purchase price) and a second mortgage for the rest ($439,201 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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