Loan Comparison: 2.87% vs 6.5%
22544 Highway 60, Milliken, CO 80543 · 4bd/2ba · $595,000
List Price
$595,000
Assumable Rate
2.87%
Remaining Balance
$343,569
Equity Gap
$250,673
Loan Type
VAAdjust Your Scenario
$29,750
$29,750$250,673
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.87% + gap loan
$3,123/moAssumed loan: $1,425/mo
Gap financing: $1,699/mo
$450less per month with the assumable
Your Savings on This Property
22544 Highway 60, Milliken · 2.87% VA vs 6.5% conventional
$450
per month
$5,394
per year
$161,832
over 30 years
$161,074
interest saved
How gap financing works: The equity gap ($250,673) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($220,923 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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