Loan Comparison: 3.02% vs 6.5%
4247 Grant Street, Englewood, CO 80113 · 2bd/3ba · $550,000
List Price
$550,000
Assumable Rate
3.02%
Remaining Balance
$234,850
Equity Gap
$315,150
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$315,150
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3.02% + gap loan
$3,004/moAssumed loan: $993/mo
Gap financing: $2,011/mo
$299less per month with the assumable
Your Savings on This Property
4247 Grant Street, Englewood · 3.02% VA vs 6.5% conventional
$299
per month
$3,583
per year
$107,493
over 30 years
$107,493
interest saved
How gap financing works: The equity gap ($315,150) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($287,650 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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