Loan Comparison: 3.45% vs 6.5%
404 10th, Gilcrest, CO 80623 · 2bd/1ba · $305,000
List Price
$305,000
Assumable Rate
3.45%
Remaining Balance
$276,770
Equity Gap
$27,142
Loan Type
VAAdjust Your Scenario
$15,250
$15,250$27,142
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,831/moAssumable @ 3.45% + gap loan
$1,327/moAssumed loan: $1,235/mo
Gap financing: $91/mo
$505less per month with the assumable
Your Savings on This Property
404 10th, Gilcrest · 3.45% VA vs 6.5% conventional
$505
per month
$6,058
per year
$181,753
over 30 years
$180,665
interest saved
How gap financing works: The equity gap ($27,142) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,250, 5% of purchase price) and a second mortgage for the rest ($11,892 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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