Loan Comparison: 3.44% vs 6.5%
1313 Steele, Denver, CO 80206 · 2bd/2ba · $350,000
List Price
$350,000
Assumable Rate
3.44%
Remaining Balance
$206,675
Equity Gap
$142,750
Loan Type
VAAdjust Your Scenario
$17,500
$17,500$142,750
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.44% (VA)
Blended Rate: 5.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.44% + gap loan
$1,884/moAssumed loan: $921/mo
Gap financing: $963/mo
$217less per month with the assumable
Your Savings on This Property
1313 Steele, Denver · 3.44% VA vs 6.5% conventional
$217
per month
$2,609
per year
$78,267
over 30 years
$77,692
interest saved
How gap financing works: The equity gap ($142,750) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($125,250 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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