Loan Comparison: 2.74% vs 6.5%
535 Fleming, Colorado Springs, CO 80911 · 4bd/4ba · $440,000
List Price
$440,000
Assumable Rate
2.74%
Remaining Balance
$240,403
Equity Gap
$199,597
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$199,597
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.74% + gap loan
$2,346/moAssumed loan: $980/mo
Gap financing: $1,366/mo
$296less per month with the assumable
Your Savings on This Property
535 Fleming, Colorado Springs · 2.74% VA vs 6.5% conventional
$296
per month
$3,556
per year
$106,677
over 30 years
$106,677
interest saved
How gap financing works: The equity gap ($199,597) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($177,597 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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