Loan Comparison: 2.93% vs 6.5%
756 Wolcott Drive, Pueblo West, CO 81001 · 2bd/1ba · $350,000
List Price
$350,000
Assumable Rate
2.93%
Remaining Balance
$314,499
Equity Gap
$35,500
Loan Type
VAAdjust Your Scenario
$17,500
$17,500$35,500
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (VA)
Blended Rate: 3.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.93% + gap loan
$1,440/moAssumed loan: $1,314/mo
Gap financing: $126/mo
$662less per month with the assumable
Your Savings on This Property
756 Wolcott Drive, Pueblo West · 2.93% VA vs 6.5% conventional
$662
per month
$7,940
per year
$238,201
over 30 years
$238,200
interest saved
How gap financing works: The equity gap ($35,500) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($18,000 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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