Loan Comparison: 2.94% vs 6.5%
33 Washington, Monument, CO 80132 · 3bd/2ba · $485,000
List Price
$485,000
Assumable Rate
2.94%
Remaining Balance
$259,159
Equity Gap
$227,031
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$227,031
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.94% + gap loan
$2,643/moAssumed loan: $1,084/mo
Gap financing: $1,559/mo
$269less per month with the assumable
Your Savings on This Property
33 Washington, Monument · 2.94% VA vs 6.5% conventional
$269
per month
$3,225
per year
$96,763
over 30 years
$97,953
interest saved
How gap financing works: The equity gap ($227,031) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($202,781 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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