Loan Comparison: 6.27% vs 6.5%
2414 Caramillo Street, Colorado Springs, CO 80909 · 5bd/4ba · $498,000
List Price
$498,000
Assumable Rate
6.27%
Remaining Balance
$444,005
Equity Gap
$53,994
Loan Type
VAAdjust Your Scenario
$24,900
$24,900$53,994
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.27% (VA)
Blended Rate: 6.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,990/moAssumable @ 6.27% + gap loan
$2,943/moAssumed loan: $2,740/mo
Gap financing: $203/mo
$47less per month with the assumable
Your Savings on This Property
2414 Caramillo Street, Colorado Springs · 6.27% VA vs 6.5% conventional
$47
per month
$567
per year
$17,025
over 30 years
$17,024
interest saved
How gap financing works: The equity gap ($53,994) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,900, 5% of purchase price) and a second mortgage for the rest ($29,094 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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