Loan Comparison: 2.81% vs 6.5%
2374 Reed Grass Way, Colorado Springs, CO 80911 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.81%
Remaining Balance
$332,673
Equity Gap
$117,327
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$117,327
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.81% + gap loan
$2,032/moAssumed loan: $1,369/mo
Gap financing: $663/mo
$670less per month with the assumable
Your Savings on This Property
2374 Reed Grass Way, Colorado Springs · 2.81% VA vs 6.5% conventional
$670
per month
$8,044
per year
$241,323
over 30 years
$241,323
interest saved
How gap financing works: The equity gap ($117,327) 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 ($94,827 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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