Loan Comparison: 3.31% vs 6.5%
1415 Lombardi, Erie, CO 80516 · 4bd/4ba · $639,900
List Price
$639,900
Assumable Rate
3.31%
Remaining Balance
$379,711
Equity Gap
$258,491
Loan Type
VAAdjust Your Scenario
$31,995
$31,995$258,491
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (VA)
Blended Rate: 5.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 3.31% + gap loan
$3,407/moAssumed loan: $1,665/mo
Gap financing: $1,742/mo
$436less per month with the assumable
Your Savings on This Property
1415 Lombardi, Erie · 3.31% VA vs 6.5% conventional
$436
per month
$5,229
per year
$156,873
over 30 years
$155,175
interest saved
How gap financing works: The equity gap ($258,491) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($226,496 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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