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
$298,547
Equity Gap
$21,453
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$21,453
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 2.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.84% + gap loan
$1,275/moAssumed loan: $1,233/mo
Gap financing: $42/mo
$646less per month with the assumable
Your Savings on This Property
3281 103rd, Thornton · 2.84% VA vs 6.5% conventional
$646
per month
$7,758
per year
$232,735
over 30 years
$232,735
interest saved
How gap financing works: The equity gap ($21,453) 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 ($5,453 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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