Loan Comparison: 3.03% vs 6.5%
6087 Lewis Street, Arvada, CO 80004 · 2bd/2ba · $695,000
List Price
$695,000
Assumable Rate
3.03%
Remaining Balance
$272,669
Equity Gap
$422,330
Loan Type
VAAdjust Your Scenario
$34,750
$34,750$422,330
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.03% (VA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,173/moAssumable @ 3.03% + gap loan
$3,864/moAssumed loan: $1,154/mo
Gap financing: $2,710/mo
$309less per month with the assumable
Your Savings on This Property
6087 Lewis Street, Arvada · 3.03% VA vs 6.5% conventional
$309
per month
$3,711
per year
$111,317
over 30 years
$111,316
interest saved
How gap financing works: The equity gap ($422,330) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,750, 5% of purchase price) and a second mortgage for the rest ($387,580 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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