Loan Comparison: 2.25% vs 6.5%
154 El Paso, Manitou Springs, CO 80829 · 3bd/1ba · $425,000
List Price
$425,000
Assumable Rate
2.25%
Remaining Balance
$163,670
Equity Gap
$261,330
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$261,330
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.25% (VA)
Blended Rate: 5.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.25% + gap loan
$2,472/moAssumed loan: $626/mo
Gap financing: $1,846/mo
$80less per month with the assumable
Your Savings on This Property
154 El Paso, Manitou Springs · 2.25% VA vs 6.5% conventional
$80
per month
$964
per year
$28,924
over 30 years
$28,924
interest saved
How gap financing works: The equity gap ($261,330) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($240,080 at 8.5%). 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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