Loan Comparison: 2.96% vs 6.5%
512 Corte Sol, Fountain, CO 80925 · 4bd/3ba · $360,000
List Price
$360,000
Assumable Rate
2.96%
Remaining Balance
$303,777
Equity Gap
$56,223
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$56,223
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 2.96% + gap loan
$1,541/moAssumed loan: $1,274/mo
Gap financing: $267/mo
$620less per month with the assumable
Your Savings on This Property
512 Corte Sol, Fountain · 2.96% VA vs 6.5% conventional
$620
per month
$7,443
per year
$223,279
over 30 years
$223,279
interest saved
How gap financing works: The equity gap ($56,223) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($38,223 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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