Loan Comparison: 2.87% vs 6.5%
22544 Highway 60, Milliken, CO 80543 · 4bd/2ba · $585,000
List Price
$585,000
Assumable Rate
2.87%
Remaining Balance
$342,049
Equity Gap
$240,673
Loan Type
VAAdjust Your Scenario
$29,250
$29,250$240,673
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.87% + gap loan
$3,044/moAssumed loan: $1,418/mo
Gap financing: $1,626/mo
$469less per month with the assumable
Your Savings on This Property
22544 Highway 60, Milliken · 2.87% VA vs 6.5% conventional
$469
per month
$5,626
per year
$168,781
over 30 years
$166,503
interest saved
How gap financing works: The equity gap ($240,673) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($211,423 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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