Loan Comparison: 2.84% vs 6.5%
1305 Biloxi, Aurora, CO 80018 · 3bd/3ba · $550,000
List Price
$550,000
Assumable Rate
2.84%
Remaining Balance
$445,086
Equity Gap
$104,913
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$104,913
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.84% + gap loan
$2,434/moAssumed loan: $1,838/mo
Gap financing: $595/mo
$869less per month with the assumable
Your Savings on This Property
1305 Biloxi, Aurora · 2.84% VA vs 6.5% conventional
$869
per month
$10,428
per year
$312,842
over 30 years
$312,841
interest saved
How gap financing works: The equity gap ($104,913) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($77,413 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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