Loan Comparison: 3.16% vs 6.5%
6305 Saratoga, Erie, CO 80516 · 5bd/4ba · $729,900
List Price
$729,900
Assumable Rate
3.16%
Remaining Balance
$402,533
Equity Gap
$326,443
Loan Type
VAAdjust Your Scenario
$36,495
$36,495$326,443
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,383/moAssumable @ 3.16% + gap loan
$3,961/moAssumed loan: $1,732/mo
Gap financing: $2,229/mo
$421less per month with the assumable
Your Savings on This Property
6305 Saratoga, Erie · 3.16% VA vs 6.5% conventional
$421
per month
$5,056
per year
$151,673
over 30 years
$150,749
interest saved
How gap financing works: The equity gap ($326,443) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,495, 5% of purchase price) and a second mortgage for the rest ($289,948 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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