Loan Comparison: 2.83% vs 6.5%
891 Fairplay, Aurora, CO 80012 · 2bd/3ba · $324,900
List Price
$324,900
Assumable Rate
2.83%
Remaining Balance
$286,564
Equity Gap
$38,336
Loan Type
VAAdjust Your Scenario
$16,245
$16,245$38,336
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 3.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,951/moAssumable @ 2.83% + gap loan
$1,352/moAssumed loan: $1,182/mo
Gap financing: $170/mo
$599less per month with the assumable
Your Savings on This Property
891 Fairplay, Aurora · 2.83% VA vs 6.5% conventional
$599
per month
$7,188
per year
$215,639
over 30 years
$215,639
interest saved
How gap financing works: The equity gap ($38,336) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,245, 5% of purchase price) and a second mortgage for the rest ($22,091 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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