Loan Comparison: 2.88% vs 6.5%
2362 Pelican Bay, Monument, CO 80921 · 4bd/3ba · $665,000
List Price
$665,000
Assumable Rate
2.88%
Remaining Balance
$533,464
Equity Gap
$126,918
Loan Type
VAAdjust Your Scenario
$33,250
$33,250$126,918
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,993/moAssumable @ 2.88% + gap loan
$2,935/moAssumed loan: $2,215/mo
Gap financing: $720/mo
$1,058less per month with the assumable
Your Savings on This Property
2362 Pelican Bay, Monument · 2.88% VA vs 6.5% conventional
$1,058
per month
$12,698
per year
$380,929
over 30 years
$376,311
interest saved
How gap financing works: The equity gap ($126,918) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,250, 5% of purchase price) and a second mortgage for the rest ($93,668 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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