Loan Comparison: 2.74% vs 6.5%
4825 Eldon, Colorado Springs, CO 80916 · 3bd/2ba · $365,000
List Price
$365,000
Assumable Rate
2.74%
Remaining Balance
$208,826
Equity Gap
$156,174
Loan Type
VAAdjust Your Scenario
$18,250
$18,250$156,174
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 2.74% + gap loan
$1,912/moAssumed loan: $851/mo
Gap financing: $1,061/mo
$280less per month with the assumable
Your Savings on This Property
4825 Eldon, Colorado Springs · 2.74% VA vs 6.5% conventional
$280
per month
$3,357
per year
$100,718
over 30 years
$100,718
interest saved
How gap financing works: The equity gap ($156,174) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($137,924 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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