Loan Comparison: 3.44% vs 6.5%
1313 Steele, Denver, CO 80206 · 2bd/2ba · $315,000
List Price
$315,000
Assumable Rate
3.44%
Remaining Balance
$205,520
Equity Gap
$109,479
Loan Type
VAAdjust Your Scenario
$15,750
$15,750$109,479
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.44% (VA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 3.44% + gap loan
$1,637/moAssumed loan: $916/mo
Gap financing: $721/mo
$255less per month with the assumable
Your Savings on This Property
1313 Steele, Denver · 3.44% VA vs 6.5% conventional
$255
per month
$3,057
per year
$91,714
over 30 years
$91,713
interest saved
How gap financing works: The equity gap ($109,479) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($93,729 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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