Loan Comparison: 2.99% vs 6.5%
923 Ouray Street, Aurora, CO 80017 · 2bd/1ba · $490,000
List Price
$490,000
Assumable Rate
2.99%
Remaining Balance
$372,348
Equity Gap
$117,651
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$117,651
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 3.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.99% + gap loan
$2,219/moAssumed loan: $1,568/mo
Gap financing: $651/mo
$723less per month with the assumable
Your Savings on This Property
923 Ouray Street, Aurora · 2.99% VA vs 6.5% conventional
$723
per month
$8,677
per year
$260,325
over 30 years
$260,324
interest saved
How gap financing works: The equity gap ($117,651) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($93,151 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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