Loan Comparison: 2.97% vs 6.5%
12503 Locust Way, Thornton, CO 80640 · 3bd/3ba · $625,000
List Price
$625,000
Assumable Rate
2.97%
Remaining Balance
$411,765
Equity Gap
$213,235
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$213,235
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.97% (VA)
Blended Rate: 4.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.97% + gap loan
$3,002/moAssumed loan: $1,729/mo
Gap financing: $1,272/mo
$751less per month with the assumable
Your Savings on This Property
12503 Locust Way, Thornton · 2.97% VA vs 6.5% conventional
$751
per month
$9,013
per year
$270,387
over 30 years
$270,387
interest saved
How gap financing works: The equity gap ($213,235) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($181,985 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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