Loan Comparison: 2.85% vs 6.5%
104 Overlook, Elizabeth, CO 80107 · 4bd/3ba · $739,000
List Price
$739,000
Assumable Rate
2.85%
Remaining Balance
$539,134
Equity Gap
$198,639
Loan Type
VAAdjust Your Scenario
$36,950
$36,950$198,639
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.85% (VA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,437/moAssumable @ 2.85% + gap loan
$3,473/moAssumed loan: $2,230/mo
Gap financing: $1,243/mo
$965less per month with the assumable
Your Savings on This Property
104 Overlook, Elizabeth · 2.85% VA vs 6.5% conventional
$965
per month
$11,575
per year
$347,240
over 30 years
$346,013
interest saved
How gap financing works: The equity gap ($198,639) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,950, 5% of purchase price) and a second mortgage for the rest ($161,689 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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