Loan Comparison: 3.45% vs 6.5%
1489 Steele Street, Denver, CO 80206 · 4bd/2ba · $485,000
List Price
$485,000
Assumable Rate
3.45%
Remaining Balance
$430,743
Equity Gap
$54,256
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$54,256
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.45% + gap loan
$2,132/moAssumed loan: $1,922/mo
Gap financing: $210/mo
$780less per month with the assumable
Your Savings on This Property
1489 Steele Street, Denver · 3.45% VA vs 6.5% conventional
$780
per month
$9,363
per year
$280,879
over 30 years
$280,878
interest saved
How gap financing works: The equity gap ($54,256) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($30,006 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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