Loan Comparison: 2.77% vs 6.5%
1078 Kelso, Colorado Springs, CO 80921 · 5bd/4ba · $860,000
List Price
$860,000
Assumable Rate
2.77%
Remaining Balance
$471,772
Equity Gap
$388,228
Loan Type
VAAdjust Your Scenario
$43,000
$43,000$388,228
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,164/moAssumable @ 2.77% + gap loan
$4,585/moAssumed loan: $1,931/mo
Gap financing: $2,655/mo
$579less per month with the assumable
Your Savings on This Property
1078 Kelso, Colorado Springs · 2.77% VA vs 6.5% conventional
$579
per month
$6,942
per year
$208,268
over 30 years
$208,268
interest saved
How gap financing works: The equity gap ($388,228) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($43,000, 5% of purchase price) and a second mortgage for the rest ($345,228 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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