Loan Comparison: 2.74% vs 6.5%
9457 Steele, Thornton, CO 80229 · 3bd/2ba · $535,000
List Price
$535,000
Assumable Rate
2.74%
Remaining Balance
$300,415
Equity Gap
$234,585
Loan Type
VAAdjust Your Scenario
$26,750
$26,750$234,585
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,212/moAssumable @ 2.74% + gap loan
$2,823/moAssumed loan: $1,225/mo
Gap financing: $1,598/mo
$390less per month with the assumable
Your Savings on This Property
9457 Steele, Thornton · 2.74% VA vs 6.5% conventional
$390
per month
$4,675
per year
$140,251
over 30 years
$140,251
interest saved
How gap financing works: The equity gap ($234,585) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,750, 5% of purchase price) and a second mortgage for the rest ($207,835 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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