Loan Comparison: 2.31% vs 6.5%
7907 Florado Street, Denver, CO 80221 · 6bd/3ba · $555,000
List Price
$555,000
Assumable Rate
2.31%
Remaining Balance
$336,747
Equity Gap
$218,252
Loan Type
VAAdjust Your Scenario
$27,750
$27,750$218,252
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.31% (VA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 2.31% + gap loan
$2,630/moAssumed loan: $1,298/mo
Gap financing: $1,332/mo
$703less per month with the assumable
Your Savings on This Property
7907 Florado Street, Denver · 2.31% VA vs 6.5% conventional
$703
per month
$8,436
per year
$253,091
over 30 years
$253,090
interest saved
How gap financing works: The equity gap ($218,252) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($190,502 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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