Loan Comparison: 2.9% vs 6.5%
5751 Ithaca Place, Denver, CO 80237 · 3bd/3ba · $369,900
List Price
$369,900
Assumable Rate
2.9%
Remaining Balance
$338,846
Equity Gap
$31,053
Loan Type
VAAdjust Your Scenario
$18,495
$18,495$31,053
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,221/moAssumable @ 2.9% + gap loan
$1,498/moAssumed loan: $1,410/mo
Gap financing: $88/mo
$723less per month with the assumable
Your Savings on This Property
5751 Ithaca Place, Denver · 2.9% VA vs 6.5% conventional
$723
per month
$8,675
per year
$260,256
over 30 years
$260,255
interest saved
How gap financing works: The equity gap ($31,053) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,495, 5% of purchase price) and a second mortgage for the rest ($12,558 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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