Loan Comparison: 3.06% vs 6.5%
6021 Lynx Creek, Erie, CO 80516 · 5bd/5ba · $685,000
List Price
$685,000
Assumable Rate
3.06%
Remaining Balance
$423,715
Equity Gap
$261,284
Loan Type
VAAdjust Your Scenario
$34,250
$34,250$261,284
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,113/moAssumable @ 3.06% + gap loan
$3,546/moAssumed loan: $1,800/mo
Gap financing: $1,746/mo
$567less per month with the assumable
Your Savings on This Property
6021 Lynx Creek, Erie · 3.06% VA vs 6.5% conventional
$567
per month
$6,808
per year
$204,245
over 30 years
$204,244
interest saved
How gap financing works: The equity gap ($261,284) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,250, 5% of purchase price) and a second mortgage for the rest ($227,034 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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