Loan Comparison: 3.16% vs 6.5%
5823 Plains End, Castle Rock, CO 80104 · 5bd/3ba · $580,000
List Price
$580,000
Assumable Rate
3.16%
Remaining Balance
$434,852
Equity Gap
$174,407
Loan Type
VAAdjust Your Scenario
$29,000
$29,000$174,407
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,483/moAssumable @ 3.16% + gap loan
$2,989/moAssumed loan: $1,871/mo
Gap financing: $1,118/mo
$494less per month with the assumable
Your Savings on This Property
5823 Plains End, Castle Rock · 3.16% VA vs 6.5% conventional
$494
per month
$5,923
per year
$177,678
over 30 years
$206,937
interest saved
How gap financing works: The equity gap ($174,407) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,000, 5% of purchase price) and a second mortgage for the rest ($145,407 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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