Loan Comparison: 2.77% vs 6.5%
1755 Woodpark, Colorado Springs, CO 80951 · 5bd/4ba · $440,000
List Price
$440,000
Assumable Rate
2.77%
Remaining Balance
$247,252
Equity Gap
$192,747
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$192,747
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.77% + gap loan
$2,325/moAssumed loan: $1,012/mo
Gap financing: $1,313/mo
$317less per month with the assumable
Your Savings on This Property
1755 Woodpark, Colorado Springs · 2.77% VA vs 6.5% conventional
$317
per month
$3,806
per year
$114,171
over 30 years
$114,170
interest saved
How gap financing works: The equity gap ($192,747) 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 ($170,747 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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