Loan Comparison: 2.37% vs 6.5%
2004 Trent Avenue, Colorado Springs, CO 80911 · 4bd/2ba · $437,500
List Price
$437,500
Assumable Rate
2.37%
Remaining Balance
$376,587
Equity Gap
$60,912
Loan Type
VAAdjust Your Scenario
$21,875
$21,875$60,912
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.37% (VA)
Blended Rate: 2.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,627/moAssumable @ 2.37% + gap loan
$1,736/moAssumed loan: $1,463/mo
Gap financing: $273/mo
$891less per month with the assumable
Your Savings on This Property
2004 Trent Avenue, Colorado Springs · 2.37% VA vs 6.5% conventional
$891
per month
$10,697
per year
$320,916
over 30 years
$320,915
interest saved
How gap financing works: The equity gap ($60,912) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,875, 5% of purchase price) and a second mortgage for the rest ($39,037 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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