Loan Comparison: 2.74% vs 6.5%
320 Columbine, Palmer Lake, CO 80133 · 3bd/2ba · $609,000
List Price
$609,000
Assumable Rate
2.74%
Remaining Balance
$288,743
Equity Gap
$318,919
Loan Type
VAAdjust Your Scenario
$30,450
$30,450$318,919
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,657/moAssumable @ 2.74% + gap loan
$3,395/moAssumed loan: $1,177/mo
Gap financing: $2,218/mo
$262less per month with the assumable
Your Savings on This Property
320 Columbine, Palmer Lake · 2.74% VA vs 6.5% conventional
$262
per month
$3,138
per year
$94,145
over 30 years
$92,807
interest saved
How gap financing works: The equity gap ($318,919) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,450, 5% of purchase price) and a second mortgage for the rest ($288,469 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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