Loan Comparison: 2.94% vs 6.5%
16555 Hallmark, Monument, CO 80132 · 4bd/3ba · $635,000
List Price
$635,000
Assumable Rate
2.94%
Remaining Balance
$395,359
Equity Gap
$239,641
Loan Type
VAAdjust Your Scenario
$31,750
$31,750$239,641
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,813/moAssumable @ 2.94% + gap loan
$3,253/moAssumed loan: $1,654/mo
Gap financing: $1,599/mo
$560less per month with the assumable
Your Savings on This Property
16555 Hallmark, Monument · 2.94% VA vs 6.5% conventional
$560
per month
$6,724
per year
$201,731
over 30 years
$201,731
interest saved
How gap financing works: The equity gap ($239,641) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,750, 5% of purchase price) and a second mortgage for the rest ($207,891 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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