Loan Comparison: 2.83% vs 6.5%
428 Meadow View, Erie, CO 80516 · 5bd/5ba · $1,495,000
List Price
$1,495,000
Assumable Rate
2.83%
Remaining Balance
$895,442
Equity Gap
$597,488
Loan Type
VAAdjust Your Scenario
$74,750
$74,750$597,488
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$8,977/moAssumable @ 2.83% + gap loan
$7,713/moAssumed loan: $3,694/mo
Gap financing: $4,019/mo
$1,264less per month with the assumable
Your Savings on This Property
428 Meadow View, Erie · 2.83% VA vs 6.5% conventional
$1,264
per month
$15,167
per year
$455,013
over 30 years
$452,943
interest saved
How gap financing works: The equity gap ($597,488) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($74,750, 5% of purchase price) and a second mortgage for the rest ($522,738 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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