Loan Comparison: 3.45% vs 6.5%
1489 Steele, Denver, CO 80206 · 2bd/2ba · $485,000
List Price
$485,000
Assumable Rate
3.45%
Remaining Balance
$431,612
Equity Gap
$52,521
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$52,521
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.45% + gap loan
$2,143/moAssumed loan: $1,926/mo
Gap financing: $217/mo
$769less per month with the assumable
Your Savings on This Property
1489 Steele, Denver · 3.45% VA vs 6.5% conventional
$769
per month
$9,225
per year
$276,757
over 30 years
$275,890
interest saved
How gap financing works: The equity gap ($52,521) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($28,271 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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