Loan Comparison: 5.22% vs 6.5%
2688 Loon, Castle Rock, CO 80104 · 3bd/3ba · $589,950
List Price
$589,950
Assumable Rate
5.22%
Remaining Balance
$533,589
Equity Gap
$51,778
Loan Type
VAAdjust Your Scenario
$29,498
$29,498$51,778
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (VA)
Blended Rate: 5.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,542/moAssumable @ 5.22% + gap loan
$3,108/moAssumed loan: $2,937/mo
Gap financing: $171/mo
$435less per month with the assumable
Your Savings on This Property
2688 Loon, Castle Rock · 5.22% VA vs 6.5% conventional
$435
per month
$5,214
per year
$156,433
over 30 years
$151,849
interest saved
How gap financing works: The equity gap ($51,778) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,498, 5% of purchase price) and a second mortgage for the rest ($22,280 at 8.5%). 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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