Loan Comparison: 3.15% vs 6.5%
1672 Cathay Street, Aurora, CO 80231 · 5bd/4ba · $415,000
List Price
$415,000
Assumable Rate
3.15%
Remaining Balance
$257,985
Equity Gap
$157,015
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$157,015
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.15% (VA)
Blended Rate: 4.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.15% + gap loan
$2,061/moAssumed loan: $1,109/mo
Gap financing: $953/mo
$430less per month with the assumable
Your Savings on This Property
1672 Cathay Street, Aurora · 3.15% VA vs 6.5% conventional
$430
per month
$5,166
per year
$154,975
over 30 years
$154,975
interest saved
How gap financing works: The equity gap ($157,015) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($136,265 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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