Loan Comparison: 3.47% vs 6.5%
690 Skeel Street, Brighton, CO 80601 · 3bd/3ba · $320,000
List Price
$320,000
Assumable Rate
3.47%
Remaining Balance
$260,312
Equity Gap
$59,687
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$59,687
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 3.47% + gap loan
$1,470/moAssumed loan: $1,165/mo
Gap financing: $305/mo
$451less per month with the assumable
Your Savings on This Property
690 Skeel Street, Brighton · 3.47% VA vs 6.5% conventional
$451
per month
$5,418
per year
$162,525
over 30 years
$162,524
interest saved
How gap financing works: The equity gap ($59,687) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($43,687 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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