Loan Comparison: 2.83% vs 6.5%
4797 Odessa, Aurora, CO 80015 · 4bd/3ba · $740,000
List Price
$740,000
Assumable Rate
2.83%
Remaining Balance
$417,452
Equity Gap
$322,548
Loan Type
VAAdjust Your Scenario
$37,000
$37,000$322,548
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,443/moAssumable @ 2.83% + gap loan
$3,918/moAssumed loan: $1,722/mo
Gap financing: $2,196/mo
$526less per month with the assumable
Your Savings on This Property
4797 Odessa, Aurora · 2.83% VA vs 6.5% conventional
$526
per month
$6,310
per year
$189,313
over 30 years
$189,313
interest saved
How gap financing works: The equity gap ($322,548) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,000, 5% of purchase price) and a second mortgage for the rest ($285,548 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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