Loan Comparison: 3% vs 6.5%
15753 Elizabeth, Thornton, CO 80602 · 3bd/4ba · $800,000
List Price
$800,000
Assumable Rate
3%
Remaining Balance
$492,588
Equity Gap
$325,876
Loan Type
VAAdjust Your Scenario
$40,000
$40,000$325,876
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (VA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,804/moAssumable @ 3% + gap loan
$4,275/moAssumed loan: $2,077/mo
Gap financing: $2,198/mo
$529less per month with the assumable
Your Savings on This Property
15753 Elizabeth, Thornton · 3% VA vs 6.5% conventional
$529
per month
$6,346
per year
$190,371
over 30 years
$208,835
interest saved
How gap financing works: The equity gap ($325,876) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($40,000, 5% of purchase price) and a second mortgage for the rest ($285,876 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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