Loan Comparison: 3.02% vs 6.5%
1320 Quince, Denver, CO 80220 · 3bd/2ba · $625,000
List Price
$625,000
Assumable Rate
3.02%
Remaining Balance
$411,110
Equity Gap
$213,890
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$213,890
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 3.02% + gap loan
$3,142/moAssumed loan: $1,738/mo
Gap financing: $1,404/mo
$611less per month with the assumable
Your Savings on This Property
1320 Quince, Denver · 3.02% VA vs 6.5% conventional
$611
per month
$7,330
per year
$219,912
over 30 years
$219,912
interest saved
How gap financing works: The equity gap ($213,890) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($182,640 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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