Loan Comparison: 2.74% vs 6.5%
4825 Eldon, Colorado Springs, CO 80916 · 3bd/2ba · $340,000
List Price
$340,000
Assumable Rate
2.74%
Remaining Balance
$206,886
Equity Gap
$133,113
Loan Type
VAAdjust Your Scenario
$17,000
$17,000$133,113
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.74% + gap loan
$1,736/moAssumed loan: $843/mo
Gap financing: $893/mo
$305less per month with the assumable
Your Savings on This Property
4825 Eldon, Colorado Springs · 2.74% VA vs 6.5% conventional
$305
per month
$3,663
per year
$109,898
over 30 years
$109,897
interest saved
How gap financing works: The equity gap ($133,113) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($116,113 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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