Loan Comparison: 2.81% vs 6.5%
2150 Kerry Street, Mead, CO 80542 · 3bd/3ba · $540,000
List Price
$540,000
Assumable Rate
2.81%
Remaining Balance
$426,487
Equity Gap
$113,513
Loan Type
VAAdjust Your Scenario
$27,000
$27,000$113,513
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 2.81% + gap loan
$2,360/moAssumed loan: $1,755/mo
Gap financing: $605/mo
$883less per month with the assumable
Your Savings on This Property
2150 Kerry Street, Mead · 2.81% VA vs 6.5% conventional
$883
per month
$10,595
per year
$317,850
over 30 years
$317,850
interest saved
How gap financing works: The equity gap ($113,513) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($86,513 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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