Loan Comparison: 2.89% vs 6.5%
330 Depew, Lakewood, CO 80226 · 3bd/1ba · $465,000
List Price
$465,000
Assumable Rate
2.89%
Remaining Balance
$351,349
Equity Gap
$113,651
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$113,651
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.89% + gap loan
$2,156/moAssumed loan: $1,461/mo
Gap financing: $695/mo
$637less per month with the assumable
Your Savings on This Property
330 Depew, Lakewood · 2.89% VA vs 6.5% conventional
$637
per month
$7,638
per year
$229,146
over 30 years
$229,146
interest saved
How gap financing works: The equity gap ($113,651) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($90,401 at 8.5%). 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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