Loan Comparison: 2.84% vs 6.5%
2635 Landsdown Place, Colorado Springs, CO 80919 · 3bd/2ba · $510,000
List Price
$510,000
Assumable Rate
2.84%
Remaining Balance
$409,940
Equity Gap
$100,059
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$100,059
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.84% + gap loan
$2,214/moAssumed loan: $1,693/mo
Gap financing: $521/mo
$848less per month with the assumable
Your Savings on This Property
2635 Landsdown Place, Colorado Springs · 2.84% VA vs 6.5% conventional
$848
per month
$10,175
per year
$305,241
over 30 years
$305,240
interest saved
How gap financing works: The equity gap ($100,059) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($74,559 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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