Loan Comparison: 2.81% vs 6.5%
18330 Bakers Farm Road, Colorado Springs, CO 80908 · 4bd/4ba · $1,200,000
List Price
$1,200,000
Assumable Rate
2.81%
Remaining Balance
$389,444
Equity Gap
$810,555
Loan Type
VAAdjust Your Scenario
$60,000
$60,000$810,555
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 5.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,206/moAssumable @ 2.81% + gap loan
$6,850/moAssumed loan: $1,602/mo
Gap financing: $5,248/mo
$355less per month with the assumable
Your Savings on This Property
18330 Bakers Farm Road, Colorado Springs · 2.81% VA vs 6.5% conventional
$355
per month
$4,264
per year
$127,912
over 30 years
$127,911
interest saved
How gap financing works: The equity gap ($810,555) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($60,000, 5% of purchase price) and a second mortgage for the rest ($750,555 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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