Loan Comparison: 5.23% vs 6.5%
5929 Steele, Centennial, CO 80121 · 5bd/3ba · $750,000
List Price
$750,000
Assumable Rate
5.23%
Remaining Balance
$546,584
Equity Gap
$203,416
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$203,416
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (VA)
Blended Rate: 5.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 5.23% + gap loan
$4,287/moAssumed loan: $3,011/mo
Gap financing: $1,276/mo
$216less per month with the assumable
Your Savings on This Property
5929 Steele, Centennial · 5.23% VA vs 6.5% conventional
$216
per month
$2,595
per year
$77,848
over 30 years
$77,848
interest saved
How gap financing works: The equity gap ($203,416) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($165,916 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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