Loan Comparison: 2.84% vs 6.5%
16393 Hay Barn, Monument, CO 80132 · 3bd/2ba · $430,000
List Price
$430,000
Assumable Rate
2.84%
Remaining Balance
$380,742
Equity Gap
$85,610
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$85,610
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.84% + gap loan
$2,066/moAssumed loan: $1,573/mo
Gap financing: $493/mo
$516less per month with the assumable
Your Savings on This Property
16393 Hay Barn, Monument · 2.84% VA vs 6.5% conventional
$516
per month
$6,198
per year
$185,937
over 30 years
$222,289
interest saved
How gap financing works: The equity gap ($85,610) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($64,110 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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