Loan Comparison: 2.98% vs 6.5%
7492 Bates Drive, Denver, CO 80231 · 11bd/5ba · $674,999
List Price
$674,999
Assumable Rate
2.98%
Remaining Balance
$385,349
Equity Gap
$289,650
Loan Type
VAAdjust Your Scenario
$33,750
$33,750$289,650
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,053/moAssumable @ 2.98% + gap loan
$3,410/moAssumed loan: $1,620/mo
Gap financing: $1,789/mo
$643less per month with the assumable
Your Savings on This Property
7492 Bates Drive, Denver · 2.98% VA vs 6.5% conventional
$643
per month
$7,720
per year
$231,605
over 30 years
$231,605
interest saved
How gap financing works: The equity gap ($289,650) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,750, 5% of purchase price) and a second mortgage for the rest ($255,900 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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