Loan Comparison: 2.84% vs 6.5%
600 Spruce, Woodland Park, CO 80863 · 3bd/2ba · $649,900
List Price
$649,900
Assumable Rate
2.84%
Remaining Balance
$478,035
Equity Gap
$171,864
Loan Type
VAAdjust Your Scenario
$32,495
$32,495$171,864
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,902/moAssumable @ 2.84% + gap loan
$3,046/moAssumed loan: $1,974/mo
Gap financing: $1,072/mo
$856less per month with the assumable
Your Savings on This Property
600 Spruce, Woodland Park · 2.84% VA vs 6.5% conventional
$856
per month
$10,277
per year
$308,302
over 30 years
$308,301
interest saved
How gap financing works: The equity gap ($171,864) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,495, 5% of purchase price) and a second mortgage for the rest ($139,369 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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