Loan Comparison: 2.77% vs 6.5%
423 Custer Avenue, Colorado Springs, CO 80903 · 3bd/2ba · $425,000
List Price
$425,000
Assumable Rate
2.77%
Remaining Balance
$280,556
Equity Gap
$144,443
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$144,443
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.77% + gap loan
$2,010/moAssumed loan: $1,148/mo
Gap financing: $861/mo
$542less per month with the assumable
Your Savings on This Property
423 Custer Avenue, Colorado Springs · 2.77% VA vs 6.5% conventional
$542
per month
$6,507
per year
$195,218
over 30 years
$195,217
interest saved
How gap financing works: The equity gap ($144,443) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($123,193 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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