Loan Comparison: 2.8% vs 6.5%
6886 Volga Drive, Colorado City, CO 80925 · 5bd/4ba · $550,000
List Price
$550,000
Assumable Rate
2.8%
Remaining Balance
$502,769
Equity Gap
$47,230
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$47,230
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 2.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.8% + gap loan
$2,204/moAssumed loan: $2,066/mo
Gap financing: $138/mo
$1,099less per month with the assumable
Your Savings on This Property
6886 Volga Drive, Colorado City · 2.8% VA vs 6.5% conventional
$1,099
per month
$13,185
per year
$395,550
over 30 years
$395,549
interest saved
How gap financing works: The equity gap ($47,230) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($19,730 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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