Loan Comparison: 3.45% vs 6.5%
12285 Old Barn, Elbert, CO 80106 · 3bd/3ba · $699,000
List Price
$699,000
Assumable Rate
3.45%
Remaining Balance
$519,598
Equity Gap
$180,423
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$180,423
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 3.45% + gap loan
$3,437/moAssumed loan: $2,319/mo
Gap financing: $1,119/mo
$760less per month with the assumable
Your Savings on This Property
12285 Old Barn, Elbert · 3.45% VA vs 6.5% conventional
$760
per month
$9,119
per year
$273,577
over 30 years
$274,598
interest saved
How gap financing works: The equity gap ($180,423) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($145,473 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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