Loan Comparison: 2.94% vs 6.5%
4008 Penrose, Loveland, CO 80538 · 4bd/3ba · $490,000
List Price
$490,000
Assumable Rate
2.94%
Remaining Balance
$305,560
Equity Gap
$184,440
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$184,440
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.94% + gap loan
$2,508/moAssumed loan: $1,278/mo
Gap financing: $1,230/mo
$434less per month with the assumable
Your Savings on This Property
4008 Penrose, Loveland · 2.94% VA vs 6.5% conventional
$434
per month
$5,209
per year
$156,272
over 30 years
$156,272
interest saved
How gap financing works: The equity gap ($184,440) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($159,940 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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