Loan Comparison: 2.96% vs 6.5%
16945 Melody Drive, Broomfield, CO 80023 · 2bd/3ba · $735,000
List Price
$735,000
Assumable Rate
2.96%
Remaining Balance
$429,863
Equity Gap
$305,136
Loan Type
VAAdjust Your Scenario
$36,750
$36,750$305,136
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,413/moAssumable @ 2.96% + gap loan
$3,680/moAssumed loan: $1,803/mo
Gap financing: $1,877/mo
$734less per month with the assumable
Your Savings on This Property
16945 Melody Drive, Broomfield · 2.96% VA vs 6.5% conventional
$734
per month
$8,805
per year
$264,154
over 30 years
$264,153
interest saved
How gap financing works: The equity gap ($305,136) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,750, 5% of purchase price) and a second mortgage for the rest ($268,386 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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