Loan Comparison: 3.16% vs 6.5%
5255 Memphis, Denver, CO 80239 · 2bd/2ba · $253,000
List Price
$253,000
Assumable Rate
3.16%
Remaining Balance
$191,339
Equity Gap
$60,787
Loan Type
VAAdjust Your Scenario
$12,650
$12,650$60,787
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 4.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,519/moAssumable @ 3.16% + gap loan
$1,193/moAssumed loan: $823/mo
Gap financing: $370/mo
$326less per month with the assumable
Your Savings on This Property
5255 Memphis, Denver · 3.16% VA vs 6.5% conventional
$326
per month
$3,909
per year
$117,269
over 30 years
$116,395
interest saved
How gap financing works: The equity gap ($60,787) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,650, 5% of purchase price) and a second mortgage for the rest ($48,137 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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