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
$320,560
Equity Gap
$79,390
Loan Type
VAAdjust Your Scenario
$19,998
$19,998$79,390
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.14% (VA)
Blended Rate: 3.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.14% + gap loan
$1,832/moAssumed loan: $1,376/mo
Gap financing: $457/mo
$569less per month with the assumable
Your Savings on This Property
12990 Grant, Thornton · 3.14% VA vs 6.5% conventional
$569
per month
$6,829
per year
$204,864
over 30 years
$204,864
interest saved
How gap financing works: The equity gap ($79,390) 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 ($59,392 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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