Loan Comparison: 3.18% vs 6.5%
3718 Elk Run, Castle Rock, CO 80109 · 5bd/6ba · $1,035,000
List Price
$1,035,000
Assumable Rate
3.18%
Remaining Balance
$792,231
Equity Gap
$377,782
Loan Type
VAAdjust Your Scenario
$51,750
$51,750$377,782
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.18% (VA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,215/moAssumable @ 3.18% + gap loan
$5,924/moAssumed loan: $3,417/mo
Gap financing: $2,507/mo
$290less per month with the assumable
Your Savings on This Property
3718 Elk Run, Castle Rock · 3.18% VA vs 6.5% conventional
$290
per month
$3,485
per year
$104,554
over 30 years
$239,567
interest saved
How gap financing works: The equity gap ($377,782) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($51,750, 5% of purchase price) and a second mortgage for the rest ($326,032 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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