Loan Comparison: 2.83% vs 6.5%
4350 Old Windmill, Castle Rock, CO 80109 · 4bd/3ba · $590,000
List Price
$590,000
Assumable Rate
2.83%
Remaining Balance
$358,228
Equity Gap
$231,772
Loan Type
VAAdjust Your Scenario
$29,500
$29,500$231,772
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.83% + gap loan
$3,033/moAssumed loan: $1,478/mo
Gap financing: $1,555/mo
$510less per month with the assumable
Your Savings on This Property
4350 Old Windmill, Castle Rock · 2.83% VA vs 6.5% conventional
$510
per month
$6,117
per year
$183,523
over 30 years
$183,523
interest saved
How gap financing works: The equity gap ($231,772) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($202,272 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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