Loan Comparison: 3.25% vs 6.5%
6305 Walnut Grove, Erie, CO 80516 · 6bd/5ba · $740,000
List Price
$740,000
Assumable Rate
3.25%
Remaining Balance
$309,589
Equity Gap
$430,411
Loan Type
VAAdjust Your Scenario
$37,000
$37,000$430,411
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.25% (VA)
Blended Rate: 6.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,443/moAssumable @ 3.25% + gap loan
$4,372/moAssumed loan: $1,347/mo
Gap financing: $3,025/mo
$71less per month with the assumable
Your Savings on This Property
6305 Walnut Grove, Erie · 3.25% VA vs 6.5% conventional
$71
per month
$853
per year
$25,595
over 30 years
$25,595
interest saved
How gap financing works: The equity gap ($430,411) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,000, 5% of purchase price) and a second mortgage for the rest ($393,411 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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