Loan Comparison: 4.75% vs 6.5%
582 Winterfield, Erie, CO 80516 · 3bd/2ba · $714,900
List Price
$714,900
Assumable Rate
4.75%
Remaining Balance
$595,287
Equity Gap
$118,981
Loan Type
VAAdjust Your Scenario
$35,745
$35,745$118,981
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.75% (VA)
Blended Rate: 5.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,293/moAssumable @ 4.75% + gap loan
$3,745/moAssumed loan: $3,105/mo
Gap financing: $640/mo
$547less per month with the assumable
Your Savings on This Property
582 Winterfield, Erie · 4.75% VA vs 6.5% conventional
$547
per month
$6,569
per year
$197,068
over 30 years
$196,436
interest saved
How gap financing works: The equity gap ($118,981) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,745, 5% of purchase price) and a second mortgage for the rest ($83,236 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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