Loan Comparison: 2.74% vs 6.5%
3262 Norfolk, Aurora, CO 80013 · 4bd/2ba · $550,000
List Price
$550,000
Assumable Rate
2.74%
Remaining Balance
$378,448
Equity Gap
$170,666
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$170,666
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.74% + gap loan
$2,644/moAssumed loan: $1,543/mo
Gap financing: $1,101/mo
$659less per month with the assumable
Your Savings on This Property
3262 Norfolk, Aurora · 2.74% VA vs 6.5% conventional
$659
per month
$7,905
per year
$237,152
over 30 years
$236,266
interest saved
How gap financing works: The equity gap ($170,666) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($143,166 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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