Loan Comparison: 3.05% vs 6.5%
7039 Locust Place, Centennial, CO 80113 · 3bd/2ba · $1,095,000
List Price
$1,095,000
Assumable Rate
3.05%
Remaining Balance
$405,408
Equity Gap
$689,591
Loan Type
VAAdjust Your Scenario
$54,750
$54,750$689,591
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.05% (VA)
Blended Rate: 5.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,575/moAssumable @ 3.05% + gap loan
$6,159/moAssumed loan: $1,720/mo
Gap financing: $4,439/mo
$416less per month with the assumable
Your Savings on This Property
7039 Locust Place, Centennial · 3.05% VA vs 6.5% conventional
$416
per month
$4,992
per year
$149,767
over 30 years
$149,766
interest saved
How gap financing works: The equity gap ($689,591) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($54,750, 5% of purchase price) and a second mortgage for the rest ($634,841 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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