Loan Comparison: 3.1% vs 6.5%
7356 Josh Byers, Fountain, CO 80817 · 3bd/2ba · $419,000
List Price
$419,000
Assumable Rate
3.1%
Remaining Balance
$361,566
Equity Gap
$57,434
Loan Type
VAAdjust Your Scenario
$20,950
$20,950$57,434
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 3.1% + gap loan
$1,824/moAssumed loan: $1,544/mo
Gap financing: $281/mo
$691less per month with the assumable
Your Savings on This Property
7356 Josh Byers, Fountain · 3.1% VA vs 6.5% conventional
$691
per month
$8,298
per year
$248,929
over 30 years
$248,929
interest saved
How gap financing works: The equity gap ($57,434) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($36,484 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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