Loan Comparison: 3.45% vs 6.5%
1489 Steele, Denver, CO 80206 · 2bd/2ba · $495,000
List Price
$495,000
Assumable Rate
3.45%
Remaining Balance
$432,479
Equity Gap
$62,521
Loan Type
VAAdjust Your Scenario
$24,750
$24,750$62,521
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (VA)
Blended Rate: 3.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.45% + gap loan
$2,220/moAssumed loan: $1,930/mo
Gap financing: $290/mo
$752less per month with the assumable
Your Savings on This Property
1489 Steele, Denver · 3.45% VA vs 6.5% conventional
$752
per month
$9,023
per year
$270,684
over 30 years
$270,684
interest saved
How gap financing works: The equity gap ($62,521) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($37,771 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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