Loan Comparison: 2.89% vs 6.5%
16189 Elk, Denver, CO 80239 · 3bd/3ba · $399,000
List Price
$399,000
Assumable Rate
2.89%
Remaining Balance
$266,770
Equity Gap
$131,002
Loan Type
VAAdjust Your Scenario
$19,950
$19,950$131,002
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.89% + gap loan
$1,963/moAssumed loan: $1,109/mo
Gap financing: $854/mo
$433less per month with the assumable
Your Savings on This Property
16189 Elk, Denver · 2.89% VA vs 6.5% conventional
$433
per month
$5,196
per year
$155,884
over 30 years
$154,656
interest saved
How gap financing works: The equity gap ($131,002) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($111,052 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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