Loan Comparison: 2.89% vs 6.5%
16189 Elk, Denver, CO 80239 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.89%
Remaining Balance
$266,770
Equity Gap
$132,002
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$132,002
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.89% + gap loan
$1,970/moAssumed loan: $1,109/mo
Gap financing: $861/mo
$432less per month with the assumable
Your Savings on This Property
16189 Elk, Denver · 2.89% VA vs 6.5% conventional
$432
per month
$5,181
per year
$155,416
over 30 years
$154,188
interest saved
How gap financing works: The equity gap ($132,002) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($112,002 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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