Loan Comparison: 3.21% vs 6.5%
600 Sun Up, Erie, CO 80516 · 4bd/3ba · $750,000
List Price
$750,000
Assumable Rate
3.21%
Remaining Balance
$121,446
Equity Gap
$700,020
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$700,020
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.21% (VA)
Blended Rate: 7.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 3.21% + gap loan
$5,620/moAssumed loan: $526/mo
Gap financing: $5,094/mo
Your Savings on This Property
600 Sun Up, Erie · 3.21% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($700,020) 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 ($662,520 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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