Loan Comparison: 2.94% vs 6.5%
6108 Kochia, Erie, CO 80516 · 3bd/3ba · $410,000
List Price
$410,000
Assumable Rate
2.94%
Remaining Balance
$313,680
Equity Gap
$93,418
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$93,418
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.94% + gap loan
$1,873/moAssumed loan: $1,312/mo
Gap financing: $561/mo
$589less per month with the assumable
Your Savings on This Property
6108 Kochia, Erie · 2.94% VA vs 6.5% conventional
$589
per month
$7,066
per year
$211,993
over 30 years
$209,091
interest saved
How gap financing works: The equity gap ($93,418) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($72,918 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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