Loan Comparison: 2.87% vs 6.5%
480 Newland, Lakewood, CO 80226 · 3bd/2ba · $590,000
List Price
$590,000
Assumable Rate
2.87%
Remaining Balance
$250,036
Equity Gap
$338,842
Loan Type
VAAdjust Your Scenario
$29,500
$29,500$338,842
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 5.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.87% + gap loan
$3,415/moAssumed loan: $1,037/mo
Gap financing: $2,379/mo
$127less per month with the assumable
Your Savings on This Property
480 Newland, Lakewood · 2.87% VA vs 6.5% conventional
$127
per month
$1,529
per year
$45,884
over 30 years
$44,762
interest saved
How gap financing works: The equity gap ($338,842) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($309,342 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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