Loan Comparison: 2.83% vs 6.5%
1678 Lazy Cat, Monument, CO 80132 · 4bd/4ba · $746,000
List Price
$746,000
Assumable Rate
2.83%
Remaining Balance
$447,187
Equity Gap
$300,831
Loan Type
VAAdjust Your Scenario
$37,300
$37,300$300,831
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,479/moAssumable @ 2.83% + gap loan
$3,871/moAssumed loan: $1,845/mo
Gap financing: $2,026/mo
$609less per month with the assumable
Your Savings on This Property
1678 Lazy Cat, Monument · 2.83% VA vs 6.5% conventional
$609
per month
$7,302
per year
$219,072
over 30 years
$221,090
interest saved
How gap financing works: The equity gap ($300,831) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,300, 5% of purchase price) and a second mortgage for the rest ($263,531 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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