Loan Comparison: 3.6% vs 6.5%
13604 Garfield Street, Thornton, CO 80233 · 2bd/2ba · $439,900
List Price
$439,900
Assumable Rate
3.6%
Remaining Balance
$302,586
Equity Gap
$137,314
Loan Type
VAAdjust Your Scenario
$21,995
$21,995$137,314
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (VA)
Blended Rate: 4.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,641/moAssumable @ 3.6% + gap loan
$2,182/moAssumed loan: $1,376/mo
Gap financing: $806/mo
$459less per month with the assumable
Your Savings on This Property
13604 Garfield Street, Thornton · 3.6% VA vs 6.5% conventional
$459
per month
$5,513
per year
$165,392
over 30 years
$165,392
interest saved
How gap financing works: The equity gap ($137,314) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,995, 5% of purchase price) and a second mortgage for the rest ($115,319 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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