Loan Comparison: 2.88% vs 6.5%
1592 Castle Creek Circle, Castle Rock, CO 80104 · 6bd/3ba · $480,000
List Price
$480,000
Assumable Rate
2.88%
Remaining Balance
$351,952
Equity Gap
$128,047
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$128,047
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.88% + gap loan
$2,189/moAssumed loan: $1,461/mo
Gap financing: $728/mo
$694less per month with the assumable
Your Savings on This Property
1592 Castle Creek Circle, Castle Rock · 2.88% VA vs 6.5% conventional
$694
per month
$8,323
per year
$249,680
over 30 years
$249,679
interest saved
How gap financing works: The equity gap ($128,047) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($104,047 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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