Loan Comparison: 2.81% vs 6.5%
372 Lima Street, Aurora, CO 80010 · 2bd/3ba · $480,000
List Price
$480,000
Assumable Rate
2.81%
Remaining Balance
$373,549
Equity Gap
$106,451
Loan Type
VAAdjust Your Scenario
$24,000
$24,000$106,451
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.81% + gap loan
$2,113/moAssumed loan: $1,537/mo
Gap financing: $577/mo
$769less per month with the assumable
Your Savings on This Property
372 Lima Street, Aurora · 2.81% VA vs 6.5% conventional
$769
per month
$9,226
per year
$276,783
over 30 years
$276,783
interest saved
How gap financing works: The equity gap ($106,451) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($82,451 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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