Loan Comparison: 2.75% vs 6.5%
120 Pear Lake, Erie, CO 80516 · 4bd/4ba · $629,500
List Price
$629,500
Assumable Rate
2.75%
Remaining Balance
$410,954
Equity Gap
$216,445
Loan Type
VAAdjust Your Scenario
$31,475
$31,475$216,445
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.75% (VA)
Blended Rate: 4.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,780/moAssumable @ 2.75% + gap loan
$3,100/moAssumed loan: $1,678/mo
Gap financing: $1,422/mo
$680less per month with the assumable
Your Savings on This Property
120 Pear Lake, Erie · 2.75% VA vs 6.5% conventional
$680
per month
$8,160
per year
$244,794
over 30 years
$242,693
interest saved
How gap financing works: The equity gap ($216,445) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,475, 5% of purchase price) and a second mortgage for the rest ($184,970 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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