Loan Comparison: 2.8% vs 6.5%
2011 Montezuma Drive, Colorado Springs, CO 80910 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.8%
Remaining Balance
$346,833
Equity Gap
$53,166
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$53,166
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 3.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.8% + gap loan
$1,657/moAssumed loan: $1,425/mo
Gap financing: $232/mo
$745less per month with the assumable
Your Savings on This Property
2011 Montezuma Drive, Colorado Springs · 2.8% VA vs 6.5% conventional
$745
per month
$8,938
per year
$268,142
over 30 years
$268,141
interest saved
How gap financing works: The equity gap ($53,166) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($33,166 at 7.5%). 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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