Loan Comparison: 2.94% vs 6.5%
10305 Iliff, Lakewood, CO 80227 · 6bd/4ba · $1,400,000
List Price
$1,400,000
Assumable Rate
2.94%
Remaining Balance
$783,327
Equity Gap
$616,672
Loan Type
VAAdjust Your Scenario
$70,000
$70,000$616,672
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$8,407/moAssumable @ 2.94% + gap loan
$7,481/moAssumed loan: $3,277/mo
Gap financing: $4,203/mo
$926less per month with the assumable
Your Savings on This Property
10305 Iliff, Lakewood · 2.94% VA vs 6.5% conventional
$926
per month
$11,110
per year
$333,297
over 30 years
$333,296
interest saved
How gap financing works: The equity gap ($616,672) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($70,000, 5% of purchase price) and a second mortgage for the rest ($546,672 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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