Loan Comparison: 2.87% vs 6.5%
26054 1st Place, Aurora, CO 80249 · 2bd/3ba · $599,000
List Price
$599,000
Assumable Rate
2.87%
Remaining Balance
$432,539
Equity Gap
$166,461
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$166,461
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 2.87% + gap loan
$2,748/moAssumed loan: $1,793/mo
Gap financing: $955/mo
$849less per month with the assumable
Your Savings on This Property
26054 1st Place, Aurora · 2.87% VA vs 6.5% conventional
$849
per month
$10,186
per year
$305,590
over 30 years
$305,590
interest saved
How gap financing works: The equity gap ($166,461) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($136,511 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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