Loan Comparison: 2.84% vs 6.5%
3281 103rd, Thornton, CO 80229 · 2bd/2ba · $320,000
List Price
$320,000
Assumable Rate
2.84%
Remaining Balance
$297,884
Equity Gap
$22,115
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$22,115
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 2.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.84% + gap loan
$1,277/moAssumed loan: $1,230/mo
Gap financing: $47/mo
$644less per month with the assumable
Your Savings on This Property
3281 103rd, Thornton · 2.84% VA vs 6.5% conventional
$644
per month
$7,730
per year
$231,889
over 30 years
$231,888
interest saved
How gap financing works: The equity gap ($22,115) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($6,115 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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