Loan Comparison: 2.77% vs 6.5%
480 Newland Street, Lakewood, CO 80005 · 4bd/4ba · $560,000
List Price
$560,000
Assumable Rate
2.77%
Remaining Balance
$249,025
Equity Gap
$310,975
Loan Type
VAAdjust Your Scenario
$28,000
$28,000$310,975
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 2.77% + gap loan
$2,998/moAssumed loan: $1,019/mo
Gap financing: $1,979/mo
$365less per month with the assumable
Your Savings on This Property
480 Newland Street, Lakewood · 2.77% VA vs 6.5% conventional
$365
per month
$4,377
per year
$131,305
over 30 years
$131,305
interest saved
How gap financing works: The equity gap ($310,975) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($282,975 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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