Loan Comparison: 2.81% vs 6.5%
1853 Garfield, Louisville, CO 80027 · 3bd/1ba · $665,000
List Price
$665,000
Assumable Rate
2.81%
Remaining Balance
$424,997
Equity Gap
$241,935
Loan Type
VAAdjust Your Scenario
$33,250
$33,250$241,935
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 4.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,993/moAssumable @ 2.81% + gap loan
$3,353/moAssumed loan: $1,749/mo
Gap financing: $1,605/mo
$640less per month with the assumable
Your Savings on This Property
1853 Garfield, Louisville · 2.81% VA vs 6.5% conventional
$640
per month
$7,679
per year
$230,376
over 30 years
$232,308
interest saved
How gap financing works: The equity gap ($241,935) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,250, 5% of purchase price) and a second mortgage for the rest ($208,685 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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