Loan Comparison: 5.5% vs 6.5%
97 Bannock, Woodland Park, CO 80863 · 4bd/3ba · $619,900
List Price
$619,900
Assumable Rate
5.5%
Remaining Balance
$539,296
Equity Gap
$80,604
Loan Type
VAAdjust Your Scenario
$30,995
$30,995$80,604
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.5% (VA)
Blended Rate: 5.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,722/moAssumable @ 5.5% + gap loan
$3,444/moAssumed loan: $3,062/mo
Gap financing: $381/mo
$279less per month with the assumable
Your Savings on This Property
97 Bannock, Woodland Park · 5.5% VA vs 6.5% conventional
$279
per month
$3,345
per year
$100,356
over 30 years
$100,356
interest saved
How gap financing works: The equity gap ($80,604) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,995, 5% of purchase price) and a second mortgage for the rest ($49,609 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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