Loan Comparison: 3.06% vs 6.5%
556 Elmira Street, Aurora, CO 80010 · 3bd/3ba · $480,000
List Price
$480,000
Assumable Rate
3.06%
Remaining Balance
$261,754
Equity Gap
$218,246
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$218,246
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 4.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 3.06% + gap loan
$2,470/moAssumed loan: $1,112/mo
Gap financing: $1,358/mo
$412less per month with the assumable
Your Savings on This Property
556 Elmira Street, Aurora · 3.06% VA vs 6.5% conventional
$412
per month
$4,944
per year
$148,313
over 30 years
$148,313
interest saved
How gap financing works: The equity gap ($218,246) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($194,246 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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