Loan Comparison: 3.1% vs 6.5%
240 Bluegrass, Eaton, CO 80615 · 5bd/3ba · $515,000
List Price
$515,000
Assumable Rate
3.1%
Remaining Balance
$335,086
Equity Gap
$179,203
Loan Type
VAAdjust Your Scenario
$25,750
$25,750$179,203
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 4.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 3.1% + gap loan
$2,611/moAssumed loan: $1,431/mo
Gap financing: $1,180/mo
$482less per month with the assumable
Your Savings on This Property
240 Bluegrass, Eaton · 3.1% VA vs 6.5% conventional
$482
per month
$5,779
per year
$173,376
over 30 years
$172,665
interest saved
How gap financing works: The equity gap ($179,203) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($153,453 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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