Loan Comparison: 2.83% vs 6.5%
338 Iris, Fountain, CO 80817 · 4bd/2ba · $300,000
List Price
$300,000
Assumable Rate
2.83%
Remaining Balance
$259,369
Equity Gap
$40,631
Loan Type
VAAdjust Your Scenario
$15,000
$15,000$40,631
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 3.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.83% + gap loan
$1,267/moAssumed loan: $1,070/mo
Gap financing: $197/mo
$534less per month with the assumable
Your Savings on This Property
338 Iris, Fountain · 2.83% VA vs 6.5% conventional
$534
per month
$6,413
per year
$192,398
over 30 years
$192,398
interest saved
How gap financing works: The equity gap ($40,631) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($25,631 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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