Loan Comparison: 6.92% vs 6.5%
8020 Grove Street, Westminster, CO 80031 · 3bd/2ba · $460,000
List Price
$460,000
Assumable Rate
6.92%
Remaining Balance
$427,195
Equity Gap
$32,804
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$32,804
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.92% (VA)
Blended Rate: 6.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 6.92% + gap loan
$2,888/moAssumed loan: $2,819/mo
Gap financing: $69/mo
Your Savings on This Property
8020 Grove Street, Westminster · 6.92% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($32,804) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($9,804 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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