Loan Comparison: 3.47% vs 6.5%
10716 Steele, Northglenn, CO 80233 · 5bd/4ba · $515,000
List Price
$515,000
Assumable Rate
3.47%
Remaining Balance
$258,096
Equity Gap
$255,758
Loan Type
VAAdjust Your Scenario
$25,750
$25,750$255,758
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (VA)
Blended Rate: 5.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 3.47% + gap loan
$2,923/moAssumed loan: $1,155/mo
Gap financing: $1,769/mo
$169less per month with the assumable
Your Savings on This Property
10716 Steele, Northglenn · 3.47% VA vs 6.5% conventional
$169
per month
$2,030
per year
$60,905
over 30 years
$59,759
interest saved
How gap financing works: The equity gap ($255,758) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($230,008 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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