Loan Comparison: 2.83% vs 6.5%
143 Misty Creek, Monument, CO 80132 · 3bd/4ba · $495,000
List Price
$495,000
Assumable Rate
2.83%
Remaining Balance
$305,988
Equity Gap
$186,139
Loan Type
VAAdjust Your Scenario
$24,750
$24,750$186,139
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 2.83% + gap loan
$2,503/moAssumed loan: $1,262/mo
Gap financing: $1,241/mo
$469less per month with the assumable
Your Savings on This Property
143 Misty Creek, Monument · 2.83% VA vs 6.5% conventional
$469
per month
$5,630
per year
$168,907
over 30 years
$166,034
interest saved
How gap financing works: The equity gap ($186,139) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($161,389 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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