Loan Comparison: 3.16% vs 6.5%
13032 Grant, Thornton, CO 80241 · 2bd/3ba · $424,900
List Price
$424,900
Assumable Rate
3.16%
Remaining Balance
$149,923
Equity Gap
$275,995
Loan Type
VAAdjust Your Scenario
$21,245
$21,245$275,995
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (VA)
Blended Rate: 6.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 3.16% + gap loan
$2,604/moAssumed loan: $645/mo
Gap financing: $1,959/mo
Your Savings on This Property
13032 Grant, Thornton · 3.16% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($275,995) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,245, 5% of purchase price) and a second mortgage for the rest ($254,750 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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