Loan Comparison: 2.96% vs 6.5%
3294 Sellman, Castle Rock, CO 80109 · 4bd/3ba · $695,000
List Price
$695,000
Assumable Rate
2.96%
Remaining Balance
$488,558
Equity Gap
$206,441
Loan Type
VAAdjust Your Scenario
$34,750
$34,750$206,441
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,173/moAssumable @ 2.96% + gap loan
$3,369/moAssumed loan: $2,049/mo
Gap financing: $1,320/mo
$804less per month with the assumable
Your Savings on This Property
3294 Sellman, Castle Rock · 2.96% VA vs 6.5% conventional
$804
per month
$9,646
per year
$289,375
over 30 years
$289,374
interest saved
How gap financing works: The equity gap ($206,441) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,750, 5% of purchase price) and a second mortgage for the rest ($171,691 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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