Loan Comparison: 2.89% vs 6.5%
977 Thorncreek, Thornton, CO 80241 · 4bd/3ba · $885,000
List Price
$885,000
Assumable Rate
2.89%
Remaining Balance
$425,974
Equity Gap
$461,984
Loan Type
VAAdjust Your Scenario
$44,250
$44,250$461,984
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 5.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,314/moAssumable @ 2.89% + gap loan
$4,983/moAssumed loan: $1,771/mo
Gap financing: $3,212/mo
$331less per month with the assumable
Your Savings on This Property
977 Thorncreek, Thornton · 2.89% VA vs 6.5% conventional
$331
per month
$3,976
per year
$119,285
over 30 years
$122,243
interest saved
How gap financing works: The equity gap ($461,984) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($44,250, 5% of purchase price) and a second mortgage for the rest ($417,734 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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