Loan Comparison: 2.74% vs 6.5%
320 Columbine, Palmer Lake, CO 80133 · 3bd/2ba · $619,000
List Price
$619,000
Assumable Rate
2.74%
Remaining Balance
$290,081
Equity Gap
$328,919
Loan Type
VAAdjust Your Scenario
$30,950
$30,950$328,919
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,717/moAssumable @ 2.74% + gap loan
$3,474/moAssumed loan: $1,183/mo
Gap financing: $2,291/mo
$243less per month with the assumable
Your Savings on This Property
320 Columbine, Palmer Lake · 2.74% VA vs 6.5% conventional
$243
per month
$2,917
per year
$87,501
over 30 years
$87,501
interest saved
How gap financing works: The equity gap ($328,919) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,950, 5% of purchase price) and a second mortgage for the rest ($297,969 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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