Loan Comparison: 5.22% vs 6.5%
2688 Loon, Castle Rock, CO 80104 · 3bd/3ba · $599,000
List Price
$599,000
Assumable Rate
5.22%
Remaining Balance
$532,997
Equity Gap
$66,965
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$66,965
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (VA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 5.22% + gap loan
$3,218/moAssumed loan: $2,933/mo
Gap financing: $285/mo
$379less per month with the assumable
Your Savings on This Property
2688 Loon, Castle Rock · 5.22% VA vs 6.5% conventional
$379
per month
$4,546
per year
$136,381
over 30 years
$137,343
interest saved
How gap financing works: The equity gap ($66,965) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($37,015 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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