Loan Comparison: 2.81% vs 6.5%
11415 Rill, Colorado Springs, CO 80921 · 4bd/3ba · $510,000
List Price
$510,000
Assumable Rate
2.81%
Remaining Balance
$351,052
Equity Gap
$158,947
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$158,947
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.81% + gap loan
$2,470/moAssumed loan: $1,444/mo
Gap financing: $1,026/mo
$592less per month with the assumable
Your Savings on This Property
11415 Rill, Colorado Springs · 2.81% VA vs 6.5% conventional
$592
per month
$7,103
per year
$213,105
over 30 years
$213,104
interest saved
How gap financing works: The equity gap ($158,947) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($133,447 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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