Loan Comparison: 2.83% vs 6.5%
13155 Ellicott, Calhan, CO 80808 · 3bd/2ba · $394,999
List Price
$394,999
Assumable Rate
2.83%
Remaining Balance
$285,000
Equity Gap
$142,988
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$142,988
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.83% + gap loan
$2,123/moAssumed loan: $1,176/mo
Gap financing: $948/mo
$249less per month with the assumable
Your Savings on This Property
13155 Ellicott, Calhan · 2.83% VA vs 6.5% conventional
$249
per month
$2,984
per year
$89,509
over 30 years
$122,498
interest saved
How gap financing works: The equity gap ($142,988) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($123,238 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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