Loan Comparison: 2.88% vs 6.5%
2362 Pelican Bay, Monument, CO 80921 · 4bd/3ba · $690,000
List Price
$690,000
Assumable Rate
2.88%
Remaining Balance
$534,622
Equity Gap
$155,377
Loan Type
VAAdjust Your Scenario
$34,500
$34,500$155,377
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,143/moAssumable @ 2.88% + gap loan
$3,149/moAssumed loan: $2,220/mo
Gap financing: $929/mo
$994less per month with the assumable
Your Savings on This Property
2362 Pelican Bay, Monument · 2.88% VA vs 6.5% conventional
$994
per month
$11,931
per year
$357,923
over 30 years
$357,922
interest saved
How gap financing works: The equity gap ($155,377) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,500, 5% of purchase price) and a second mortgage for the rest ($120,877 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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