Loan Comparison: 2.98% vs 6.5%
8550 10th Avenue, Lakewood, CO 80215 · 4bd/4ba · $515,000
List Price
$515,000
Assumable Rate
2.98%
Remaining Balance
$302,261
Equity Gap
$212,738
Loan Type
VAAdjust Your Scenario
$25,750
$25,750$212,738
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.98% + gap loan
$2,579/moAssumed loan: $1,271/mo
Gap financing: $1,307/mo
$514less per month with the assumable
Your Savings on This Property
8550 10th Avenue, Lakewood · 2.98% VA vs 6.5% conventional
$514
per month
$6,166
per year
$184,989
over 30 years
$184,988
interest saved
How gap financing works: The equity gap ($212,738) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($186,988 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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