Loan Comparison: 2.94% vs 6.5%
4008 Penrose, Loveland, CO 80538 · 4bd/3ba · $500,000
List Price
$500,000
Assumable Rate
2.94%
Remaining Balance
$390,560
Equity Gap
$193,727
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$193,727
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.94% + gap loan
$2,931/moAssumed loan: $1,634/mo
Gap financing: $1,297/mo
$71less per month with the assumable
Your Savings on This Property
4008 Penrose, Loveland · 2.94% VA vs 6.5% conventional
$71
per month
$851
per year
$25,543
over 30 years
$109,830
interest saved
How gap financing works: The equity gap ($193,727) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($168,727 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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