Loan Comparison: 2.77% vs 6.5%
365 Eclipse, Colorado Springs, CO 80905 · 4bd/3ba · $660,000
List Price
$660,000
Assumable Rate
2.77%
Remaining Balance
$297,480
Equity Gap
$362,520
Loan Type
VAAdjust Your Scenario
$33,000
$33,000$362,520
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,963/moAssumable @ 2.77% + gap loan
$3,751/moAssumed loan: $1,218/mo
Gap financing: $2,534/mo
$212less per month with the assumable
Your Savings on This Property
365 Eclipse, Colorado Springs · 2.77% VA vs 6.5% conventional
$212
per month
$2,541
per year
$76,231
over 30 years
$76,231
interest saved
How gap financing works: The equity gap ($362,520) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,000, 5% of purchase price) and a second mortgage for the rest ($329,520 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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