Loan Comparison: 3.23% vs 6.5%
15120 Tanner, Elbert, CO 80106 · 3bd/2ba · $750,000
List Price
$750,000
Assumable Rate
3.23%
Remaining Balance
$360,333
Equity Gap
$391,280
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$391,280
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (VA)
Blended Rate: 5.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 3.23% + gap loan
$4,285/moAssumed loan: $1,564/mo
Gap financing: $2,720/mo
$219less per month with the assumable
Your Savings on This Property
15120 Tanner, Elbert · 3.23% VA vs 6.5% conventional
$219
per month
$2,628
per year
$78,834
over 30 years
$80,447
interest saved
How gap financing works: The equity gap ($391,280) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($353,780 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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