Loan Comparison: 5.88% vs 6.5%
36 Illini, Woodland Park, CO 80863 · 3bd/3ba · $579,000
List Price
$579,000
Assumable Rate
5.88%
Remaining Balance
$81,556
Equity Gap
$497,444
Loan Type
VAAdjust Your Scenario
$28,950
$28,950$497,444
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.88% (VA)
Blended Rate: 8.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,477/moAssumable @ 5.88% + gap loan
$4,085/moAssumed loan: $483/mo
Gap financing: $3,602/mo
Your Savings on This Property
36 Illini, Woodland Park · 5.88% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($497,444) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,950, 5% of purchase price) and a second mortgage for the rest ($468,494 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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