Loan Comparison: 2.96% vs 6.5%
3294 Sellman, Castle Rock, CO 80109 · 4bd/3ba · $685,000
List Price
$685,000
Assumable Rate
2.96%
Remaining Balance
$486,393
Equity Gap
$195,363
Loan Type
VAAdjust Your Scenario
$34,250
$34,250$195,363
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,113/moAssumable @ 2.96% + gap loan
$3,279/moAssumed loan: $2,040/mo
Gap financing: $1,239/mo
$834less per month with the assumable
Your Savings on This Property
3294 Sellman, Castle Rock · 2.96% VA vs 6.5% conventional
$834
per month
$10,010
per year
$300,308
over 30 years
$297,064
interest saved
How gap financing works: The equity gap ($195,363) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,250, 5% of purchase price) and a second mortgage for the rest ($161,113 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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