Loan Comparison: 2.81% vs 6.5%
2011 Grays Peak, Loveland, CO 80538 · 2bd/2ba · $335,000
List Price
$335,000
Assumable Rate
2.81%
Remaining Balance
$275,905
Equity Gap
$58,466
Loan Type
VAAdjust Your Scenario
$16,750
$16,750$58,466
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.81% + gap loan
$1,456/moAssumed loan: $1,135/mo
Gap financing: $321/mo
$556less per month with the assumable
Your Savings on This Property
2011 Grays Peak, Loveland · 2.81% VA vs 6.5% conventional
$556
per month
$6,668
per year
$200,034
over 30 years
$199,405
interest saved
How gap financing works: The equity gap ($58,466) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($41,716 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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