Loan Comparison: 2.88% vs 6.5%
5038 Evanston, Aurora, CO 80015 · 3bd/3ba · $550,000
List Price
$550,000
Assumable Rate
2.88%
Remaining Balance
$509,970
Equity Gap
$40,030
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$40,030
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.88% + gap loan
$2,214/moAssumed loan: $2,117/mo
Gap financing: $96/mo
$1,089less per month with the assumable
Your Savings on This Property
5038 Evanston, Aurora · 2.88% VA vs 6.5% conventional
$1,089
per month
$13,068
per year
$392,047
over 30 years
$392,047
interest saved
How gap financing works: The equity gap ($40,030) 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 ($12,530 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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