Loan Comparison: 2.7% vs 6.5%
6712 Passing Sky Drive, Colorado Springs, CO 80911 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.7%
Remaining Balance
$228,309
Equity Gap
$221,690
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$221,690
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (VA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.7% + gap loan
$2,319/moAssumed loan: $926/mo
Gap financing: $1,393/mo
$383less per month with the assumable
Your Savings on This Property
6712 Passing Sky Drive, Colorado Springs · 2.7% VA vs 6.5% conventional
$383
per month
$4,600
per year
$137,991
over 30 years
$137,990
interest saved
How gap financing works: The equity gap ($221,690) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($199,190 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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