Loan Comparison: 3.14% vs 6.5%
12990 Grant, Thornton, CO 80241 · 2bd/2ba · $399,950
List Price
$399,950
Assumable Rate
3.14%
Remaining Balance
$322,614
Equity Gap
$78,019
Loan Type
VAAdjust Your Scenario
$19,998
$19,998$78,019
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.14% (VA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.14% + gap loan
$1,831/moAssumed loan: $1,385/mo
Gap financing: $446/mo
$571less per month with the assumable
Your Savings on This Property
12990 Grant, Thornton · 3.14% VA vs 6.5% conventional
$571
per month
$6,850
per year
$205,486
over 30 years
$206,168
interest saved
How gap financing works: The equity gap ($78,019) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,998, 5% of purchase price) and a second mortgage for the rest ($58,021 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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