Loan Comparison: 2.74% vs 6.5%
6340 Marilee, Colorado Springs, CO 80911 · 3bd/3ba · $429,900
List Price
$429,900
Assumable Rate
2.74%
Remaining Balance
$346,052
Equity Gap
$83,847
Loan Type
VAAdjust Your Scenario
$21,495
$21,495$83,847
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,581/moAssumable @ 2.74% + gap loan
$1,890/moAssumed loan: $1,411/mo
Gap financing: $479/mo
$691less per month with the assumable
Your Savings on This Property
6340 Marilee, Colorado Springs · 2.74% VA vs 6.5% conventional
$691
per month
$8,293
per year
$248,785
over 30 years
$248,784
interest saved
How gap financing works: The equity gap ($83,847) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,495, 5% of purchase price) and a second mortgage for the rest ($62,352 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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