Loan Comparison: 2.77% vs 6.5%
7485 Cottage Grove Court, Colorado Springs, CO 80911 · 3bd/3ba · $389,000
List Price
$389,000
Assumable Rate
2.77%
Remaining Balance
$137,029
Equity Gap
$251,971
Loan Type
VAAdjust Your Scenario
$19,450
$19,450$251,971
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.77% + gap loan
$2,187/moAssumed loan: $561/mo
Gap financing: $1,626/mo
$149less per month with the assumable
Your Savings on This Property
7485 Cottage Grove Court, Colorado Springs · 2.77% VA vs 6.5% conventional
$149
per month
$1,790
per year
$53,685
over 30 years
$53,685
interest saved
How gap financing works: The equity gap ($251,971) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($232,521 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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