Loan Comparison: 2.74% vs 6.5%
2260 Hoyt, Thornton, CO 80229 · 3bd/1ba · $415,000
List Price
$415,000
Assumable Rate
2.74%
Remaining Balance
$390,752
Equity Gap
$124,248
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$124,248
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.74% + gap loan
$2,389/moAssumed loan: $1,593/mo
Gap financing: $796/mo
$103less per month with the assumable
Your Savings on This Property
2260 Hoyt, Thornton · 2.74% VA vs 6.5% conventional
$103
per month
$1,236
per year
$37,072
over 30 years
$137,072
interest saved
How gap financing works: The equity gap ($124,248) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($103,498 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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