Loan Comparison: 6.63% vs 6.5%
100 Ely Street, Colorado Springs, CO 80911 · 2bd/2ba · $431,500
List Price
$431,500
Assumable Rate
6.63%
Remaining Balance
$254,700
Equity Gap
$176,800
Loan Type
VAAdjust Your Scenario
$21,575
$21,575$176,800
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.63% (VA)
Blended Rate: 6.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,591/moAssumable @ 6.63% + gap loan
$2,717/moAssumed loan: $1,632/mo
Gap financing: $1,085/mo
Your Savings on This Property
100 Ely Street, Colorado Springs · 6.63% 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 ($176,800) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,575, 5% of purchase price) and a second mortgage for the rest ($155,225 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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