Loan Comparison: 2.7% vs 6.5%
5433 Hammond Drive, Colorado Springs, CO 80910 · 3bd/3ba · $399,900
List Price
$399,900
Assumable Rate
2.7%
Remaining Balance
$344,933
Equity Gap
$54,967
Loan Type
VAAdjust Your Scenario
$19,995
$19,995$54,967
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (VA)
Blended Rate: 3.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.7% + gap loan
$1,644/moAssumed loan: $1,399/mo
Gap financing: $245/mo
$758less per month with the assumable
Your Savings on This Property
5433 Hammond Drive, Colorado Springs · 2.7% VA vs 6.5% conventional
$758
per month
$9,092
per year
$272,768
over 30 years
$272,768
interest saved
How gap financing works: The equity gap ($54,967) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($34,972 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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