Loan Comparison: 2.84% vs 6.5%
12113 Melody, Westminster, CO 80234 · 2bd/2ba · $235,000
List Price
$235,000
Assumable Rate
2.84%
Remaining Balance
$216,973
Equity Gap
$17,548
Loan Type
VAAdjust Your Scenario
$11,750
$11,750$17,548
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 2.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,411/moAssumable @ 2.84% + gap loan
$941/moAssumed loan: $896/mo
Gap financing: $45/mo
$470less per month with the assumable
Your Savings on This Property
12113 Melody, Westminster · 2.84% VA vs 6.5% conventional
$470
per month
$5,644
per year
$169,329
over 30 years
$168,850
interest saved
How gap financing works: The equity gap ($17,548) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,750, 5% of purchase price) and a second mortgage for the rest ($5,798 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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