Loan Comparison: 3.1% vs 6.5%
5457 115th Drive, Westminster, CO 80020 · 3bd/2ba · $625,000
List Price
$625,000
Assumable Rate
3.1%
Remaining Balance
$475,581
Equity Gap
$149,419
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$149,419
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (VA)
Blended Rate: 3.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 3.1% + gap loan
$2,857/moAssumed loan: $2,031/mo
Gap financing: $826/mo
$896less per month with the assumable
Your Savings on This Property
5457 115th Drive, Westminster · 3.1% VA vs 6.5% conventional
$896
per month
$10,750
per year
$322,502
over 30 years
$322,502
interest saved
How gap financing works: The equity gap ($149,419) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($118,169 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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