Loan Comparison: 2.875% vs 6.5%
515 Congressional, Monument, CO 80132 · 6bd/4ba · $975,000
List Price
$975,000
Assumable Rate
2.875%
Remaining Balance
$739,343
Equity Gap
$235,657
Loan Type
VAAdjust Your Scenario
$48,750
$48,750$235,657
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.875% (VA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,855/moAssumable @ 2.875% + gap loan
$4,505/moAssumed loan: $3,067/mo
Gap financing: $1,437/mo
$1,350less per month with the assumable
Your Savings on This Property
515 Congressional, Monument · 2.875% VA vs 6.5% conventional
$1,350
per month
$16,199
per year
$485,963
over 30 years
$485,963
interest saved
How gap financing works: The equity gap ($235,657) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($48,750, 5% of purchase price) and a second mortgage for the rest ($186,907 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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