Loan Comparison: 3.16% vs 6.5%
970 Nile Street, Aurora, CO 80010 · 3bd/2ba · $349,900
List Price
$349,900
Assumable Rate
3.16%
Remaining Balance
$247,686
Equity Gap
$102,213
Loan Type
VAAdjust Your Scenario
$17,495
$17,495$102,213
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 3.16% + gap loan
$1,658/moAssumed loan: $1,066/mo
Gap financing: $592/mo
$443less per month with the assumable
Your Savings on This Property
970 Nile Street, Aurora · 3.16% VA vs 6.5% conventional
$443
per month
$5,315
per year
$159,450
over 30 years
$159,449
interest saved
How gap financing works: The equity gap ($102,213) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($84,718 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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