Loan Comparison: 3.44% vs 6.5%
1313 Steele, Denver, CO 80206 · 2bd/2ba · $385,000
List Price
$385,000
Assumable Rate
3.44%
Remaining Balance
$207,249
Equity Gap
$177,750
Loan Type
VAAdjust Your Scenario
$19,250
$19,250$177,750
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.44% (VA)
Blended Rate: 5.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.44% + gap loan
$2,142/moAssumed loan: $924/mo
Gap financing: $1,219/mo
$169less per month with the assumable
Your Savings on This Property
1313 Steele, Denver · 3.44% VA vs 6.5% conventional
$169
per month
$2,032
per year
$60,965
over 30 years
$60,964
interest saved
How gap financing works: The equity gap ($177,750) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($158,500 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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