Loan Comparison: 2.77% vs 6.5%
5316 Balsam, Colorado Springs, CO 80923 · 4bd/4ba · $575,000
List Price
$575,000
Assumable Rate
2.77%
Remaining Balance
$350,578
Equity Gap
$224,422
Loan Type
VAAdjust Your Scenario
$28,750
$28,750$224,422
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.77% + gap loan
$2,939/moAssumed loan: $1,435/mo
Gap financing: $1,505/mo
$513less per month with the assumable
Your Savings on This Property
5316 Balsam, Colorado Springs · 2.77% VA vs 6.5% conventional
$513
per month
$6,158
per year
$184,753
over 30 years
$184,753
interest saved
How gap financing works: The equity gap ($224,422) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($195,672 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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