Loan Comparison: 2.89% vs 6.5%
762 Settlers, Milliken, CO 80543 · 3bd/2ba · $430,000
List Price
$430,000
Assumable Rate
2.89%
Remaining Balance
$229,747
Equity Gap
$200,252
Loan Type
VAAdjust Your Scenario
$21,500
$21,500$200,252
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 5.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.89% + gap loan
$2,329/moAssumed loan: $955/mo
Gap financing: $1,374/mo
$253less per month with the assumable
Your Savings on This Property
762 Settlers, Milliken · 2.89% VA vs 6.5% conventional
$253
per month
$3,030
per year
$90,901
over 30 years
$90,900
interest saved
How gap financing works: The equity gap ($200,252) 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 ($178,752 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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