Loan Comparison: 3.07% vs 6.5%
216 2nd, Mead, CO 80542 · 3bd/2ba · $459,900
List Price
$459,900
Assumable Rate
3.07%
Remaining Balance
$324,941
Equity Gap
$134,959
Loan Type
VAAdjust Your Scenario
$22,995
$22,995$134,959
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (VA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.07% + gap loan
$2,243/moAssumed loan: $1,382/mo
Gap financing: $861/mo
$518less per month with the assumable
Your Savings on This Property
216 2nd, Mead · 3.07% VA vs 6.5% conventional
$518
per month
$6,220
per year
$186,613
over 30 years
$186,613
interest saved
How gap financing works: The equity gap ($134,959) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,995, 5% of purchase price) and a second mortgage for the rest ($111,964 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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