Loan Comparison: 2.84% vs 6.5%
17940 Tom Boy, Monument, CO 80132 · 5bd/3ba · $750,000
List Price
$750,000
Assumable Rate
2.84%
Remaining Balance
$533,921
Equity Gap
$267,144
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$267,144
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.84% + gap loan
$3,971/moAssumed loan: $2,205/mo
Gap financing: $1,766/mo
$532less per month with the assumable
Your Savings on This Property
17940 Tom Boy, Monument · 2.84% VA vs 6.5% conventional
$532
per month
$6,390
per year
$191,700
over 30 years
$242,765
interest saved
How gap financing works: The equity gap ($267,144) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($229,644 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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