Loan Comparison: 3.24% vs 6.5%
2301 Florence Street, Aurora, CO 80013 · 3bd/3ba · $435,000
List Price
$435,000
Assumable Rate
3.24%
Remaining Balance
$268,623
Equity Gap
$166,376
Loan Type
VAAdjust Your Scenario
$21,750
$21,750$166,376
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.24% (VA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.24% + gap loan
$2,179/moAssumed loan: $1,168/mo
Gap financing: $1,011/mo
$433less per month with the assumable
Your Savings on This Property
2301 Florence Street, Aurora · 3.24% VA vs 6.5% conventional
$433
per month
$5,198
per year
$155,946
over 30 years
$155,945
interest saved
How gap financing works: The equity gap ($166,376) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($144,626 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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