Loan Comparison: 2.84% vs 6.5%
3281 103rd Place, Thornton, CO 80229 · 1bd/1ba · $320,000
List Price
$320,000
Assumable Rate
2.84%
Remaining Balance
$295,887
Equity Gap
$24,113
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$24,113
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 2.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.84% + gap loan
$1,279/moAssumed loan: $1,222/mo
Gap financing: $57/mo
$643less per month with the assumable
Your Savings on This Property
3281 103rd Place, Thornton · 2.84% VA vs 6.5% conventional
$643
per month
$7,712
per year
$231,363
over 30 years
$231,363
interest saved
How gap financing works: The equity gap ($24,113) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($8,113 at 7.5%). 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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