Loan Comparison: 6.81% vs 6.5%
701 Mono Place, Colorado Springs, CO 80910 · 5bd/4ba · $345,000
List Price
$345,000
Assumable Rate
6.81%
Remaining Balance
$303,193
Equity Gap
$41,806
Loan Type
VAAdjust Your Scenario
$17,250
$17,250$41,806
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.81% (VA)
Blended Rate: 6.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 6.81% + gap loan
$2,150/moAssumed loan: $1,979/mo
Gap financing: $172/mo
Your Savings on This Property
701 Mono Place, Colorado Springs · 6.81% 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 ($41,806) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($24,556 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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