Loan Comparison: 2.85% vs 6.5%
104 Overlook, Elizabeth, CO 80107 · 4bd/3ba · $749,000
List Price
$749,000
Assumable Rate
2.85%
Remaining Balance
$540,360
Equity Gap
$208,639
Loan Type
VAAdjust Your Scenario
$37,450
$37,450$208,639
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.85% (VA)
Blended Rate: 4.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,497/moAssumable @ 2.85% + gap loan
$3,551/moAssumed loan: $2,235/mo
Gap financing: $1,316/mo
$946less per month with the assumable
Your Savings on This Property
104 Overlook, Elizabeth · 2.85% VA vs 6.5% conventional
$946
per month
$11,358
per year
$340,735
over 30 years
$340,734
interest saved
How gap financing works: The equity gap ($208,639) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,450, 5% of purchase price) and a second mortgage for the rest ($171,189 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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