Loan Comparison: 3.31% vs 6.5%
1415 Lombardi, Erie, CO 80516 · 4bd/4ba · $699,000
List Price
$699,000
Assumable Rate
3.31%
Remaining Balance
$380,561
Equity Gap
$318,438
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$318,438
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 3.31% + gap loan
$3,849/moAssumed loan: $1,669/mo
Gap financing: $2,180/mo
$349less per month with the assumable
Your Savings on This Property
1415 Lombardi, Erie · 3.31% VA vs 6.5% conventional
$349
per month
$4,184
per year
$125,527
over 30 years
$125,526
interest saved
How gap financing works: The equity gap ($318,438) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($283,488 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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