Loan Comparison: 3.16% vs 6.5%
3713 Torch Lily, Wellington, CO 80549 · 5bd/3ba · $560,000
List Price
$560,000
Assumable Rate
3.16%
Remaining Balance
$334,745
Equity Gap
$225,254
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$225,254
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 3.16% + gap loan
$2,957/moAssumed loan: $1,440/mo
Gap financing: $1,517/mo
$406less per month with the assumable
Your Savings on This Property
3713 Torch Lily, Wellington · 3.16% VA vs 6.5% conventional
$406
per month
$4,866
per year
$145,995
over 30 years
$145,994
interest saved
How gap financing works: The equity gap ($225,254) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($197,254 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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