Loan Comparison: 3% vs 6.5%
3665 Elk Run, Castle Rock, CO 80109 · 5bd/5ba · $1,150,000
List Price
$1,150,000
Assumable Rate
3%
Remaining Balance
$659,420
Equity Gap
$493,485
Loan Type
VAAdjust Your Scenario
$57,500
$57,500$493,485
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,905/moAssumable @ 3% + gap loan
$6,132/moAssumed loan: $2,780/mo
Gap financing: $3,352/mo
$773less per month with the assumable
Your Savings on This Property
3665 Elk Run, Castle Rock · 3% VA vs 6.5% conventional
$773
per month
$9,274
per year
$278,228
over 30 years
$281,133
interest saved
How gap financing works: The equity gap ($493,485) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($57,500, 5% of purchase price) and a second mortgage for the rest ($435,985 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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