Loan Comparison: 3.16% vs 6.5%
5255 Memphis Street, Denver, CO 80239 · 2bd/2ba · $245,000
List Price
$245,000
Assumable Rate
3.16%
Remaining Balance
$190,021
Equity Gap
$54,978
Loan Type
VAAdjust Your Scenario
$12,250
$12,250$54,978
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3.16% + gap loan
$1,116/moAssumed loan: $818/mo
Gap financing: $299/mo
$355less per month with the assumable
Your Savings on This Property
5255 Memphis Street, Denver · 3.16% VA vs 6.5% conventional
$355
per month
$4,257
per year
$127,711
over 30 years
$127,710
interest saved
How gap financing works: The equity gap ($54,978) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($42,728 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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