Loan Comparison: 2.75% vs 6.5%
120 Pear Lake, Erie, CO 80516 · 4bd/4ba · $649,000
List Price
$649,000
Assumable Rate
2.75%
Remaining Balance
$514,831
Equity Gap
$235,945
Loan Type
VAAdjust Your Scenario
$32,450
$32,450$235,945
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.75% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 2.75% + gap loan
$3,666/moAssumed loan: $2,102/mo
Gap financing: $1,565/mo
$231less per month with the assumable
Your Savings on This Property
120 Pear Lake, Erie · 2.75% VA vs 6.5% conventional
$231
per month
$2,767
per year
$83,003
over 30 years
$184,779
interest saved
How gap financing works: The equity gap ($235,945) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($203,495 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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