Loan Comparison: 2.84% vs 6.5%
1089 Johnson, Lakewood, CO 80226 · 4bd/3ba · $545,000
List Price
$545,000
Assumable Rate
2.84%
Remaining Balance
$343,196
Equity Gap
$201,000
Loan Type
VAAdjust Your Scenario
$27,250
$27,250$201,000
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,273/moAssumable @ 2.84% + gap loan
$2,753/moAssumed loan: $1,417/mo
Gap financing: $1,336/mo
$519less per month with the assumable
Your Savings on This Property
1089 Johnson, Lakewood · 2.84% VA vs 6.5% conventional
$519
per month
$6,229
per year
$186,863
over 30 years
$186,059
interest saved
How gap financing works: The equity gap ($201,000) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,250, 5% of purchase price) and a second mortgage for the rest ($173,750 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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