Loan Comparison: 2.88% vs 6.5%
674 Bear Peak, Erie, CO 80516 · 3bd/3ba · $755,000
List Price
$755,000
Assumable Rate
2.88%
Remaining Balance
$503,837
Equity Gap
$250,064
Loan Type
VAAdjust Your Scenario
$37,750
$37,750$250,064
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,534/moAssumable @ 2.88% + gap loan
$3,724/moAssumed loan: $2,092/mo
Gap financing: $1,633/mo
$809less per month with the assumable
Your Savings on This Property
674 Bear Peak, Erie · 2.88% VA vs 6.5% conventional
$809
per month
$9,711
per year
$291,337
over 30 years
$290,238
interest saved
How gap financing works: The equity gap ($250,064) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,750, 5% of purchase price) and a second mortgage for the rest ($212,314 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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