Loan Comparison: 3.45% vs 6.5%
12095 Silver Concho, Elbert, CO 80106 · 5bd/3ba · $825,000
List Price
$825,000
Assumable Rate
3.45%
Remaining Balance
$492,162
Equity Gap
$333,824
Loan Type
VAAdjust Your Scenario
$41,250
$41,250$333,824
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 5.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,954/moAssumable @ 3.45% + gap loan
$4,446/moAssumed loan: $2,196/mo
Gap financing: $2,250/mo
$508less per month with the assumable
Your Savings on This Property
12095 Silver Concho, Elbert · 3.45% VA vs 6.5% conventional
$508
per month
$6,095
per year
$182,836
over 30 years
$183,822
interest saved
How gap financing works: The equity gap ($333,824) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,250, 5% of purchase price) and a second mortgage for the rest ($292,574 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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