Loan Comparison: 2.96% vs 6.5%
1057 Ursula Street, Aurora, CO 80011 · 2bd/3ba · $422,000
List Price
$422,000
Assumable Rate
2.96%
Remaining Balance
$345,256
Equity Gap
$76,743
Loan Type
VAAdjust Your Scenario
$21,100
$21,100$76,743
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,534/moAssumable @ 2.96% + gap loan
$1,837/moAssumed loan: $1,448/mo
Gap financing: $389/mo
$697less per month with the assumable
Your Savings on This Property
1057 Ursula Street, Aurora · 2.96% VA vs 6.5% conventional
$697
per month
$8,361
per year
$250,820
over 30 years
$250,819
interest saved
How gap financing works: The equity gap ($76,743) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,100, 5% of purchase price) and a second mortgage for the rest ($55,643 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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