Loan Comparison: 2.74% vs 6.5%
4825 Eldon, Colorado Springs, CO 80916 · 3bd/2ba · $359,000
List Price
$359,000
Assumable Rate
2.74%
Remaining Balance
$208,343
Equity Gap
$149,692
Loan Type
VAAdjust Your Scenario
$17,950
$17,950$149,692
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,156/moAssumable @ 2.74% + gap loan
$1,862/moAssumed loan: $849/mo
Gap financing: $1,013/mo
$293less per month with the assumable
Your Savings on This Property
4825 Eldon, Colorado Springs · 2.74% VA vs 6.5% conventional
$293
per month
$3,519
per year
$105,569
over 30 years
$104,604
interest saved
How gap financing works: The equity gap ($149,692) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,950, 5% of purchase price) and a second mortgage for the rest ($131,742 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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