Loan Comparison: 3.08% vs 6.5%
121 Ferris, Erie, CO 80516 · 4bd/4ba · $699,000
List Price
$699,000
Assumable Rate
3.08%
Remaining Balance
$304,998
Equity Gap
$394,002
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$394,002
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 6.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 3.08% + gap loan
$4,060/moAssumed loan: $1,299/mo
Gap financing: $2,761/mo
$137less per month with the assumable
Your Savings on This Property
121 Ferris, Erie · 3.08% VA vs 6.5% conventional
$137
per month
$1,648
per year
$49,452
over 30 years
$49,452
interest saved
How gap financing works: The equity gap ($394,002) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($359,052 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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