Loan Comparison: 2.77% vs 6.5%
37713 Clover, Elizabeth, CO 80107 · 3bd/2ba · $590,000
List Price
$590,000
Assumable Rate
2.77%
Remaining Balance
$427,730
Equity Gap
$211,334
Loan Type
VAAdjust Your Scenario
$29,500
$29,500$211,334
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.77% + gap loan
$3,149/moAssumed loan: $1,751/mo
Gap financing: $1,398/mo
$394less per month with the assumable
Your Savings on This Property
37713 Clover, Elizabeth · 2.77% VA vs 6.5% conventional
$394
per month
$4,727
per year
$141,801
over 30 years
$190,865
interest saved
How gap financing works: The equity gap ($211,334) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($181,834 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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