Loan Comparison: 4.82% vs 6.5%
291 Maddox, Erie, CO 80516 · 5bd/4ba · $814,900
List Price
$814,900
Assumable Rate
4.82%
Remaining Balance
$664,683
Equity Gap
$151,236
Loan Type
VAAdjust Your Scenario
$40,745
$40,745$151,236
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.82% (VA)
Blended Rate: 5.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,893/moAssumable @ 4.82% + gap loan
$4,345/moAssumed loan: $3,495/mo
Gap financing: $850/mo
$548less per month with the assumable
Your Savings on This Property
291 Maddox, Erie · 4.82% VA vs 6.5% conventional
$548
per month
$6,578
per year
$197,354
over 30 years
$198,373
interest saved
How gap financing works: The equity gap ($151,236) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,745, 5% of purchase price) and a second mortgage for the rest ($110,491 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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