Loan Comparison: 2.77% vs 6.5%
9364 Shipman, Colorado Springs, CO 80908 · 4bd/3ba · $1,200,000
List Price
$1,200,000
Assumable Rate
2.77%
Remaining Balance
$798,014
Equity Gap
$401,985
Loan Type
VAAdjust Your Scenario
$60,000
$60,000$401,985
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,206/moAssumable @ 2.77% + gap loan
$5,896/moAssumed loan: $3,266/mo
Gap financing: $2,630/mo
$1,310less per month with the assumable
Your Savings on This Property
9364 Shipman, Colorado Springs · 2.77% VA vs 6.5% conventional
$1,310
per month
$15,717
per year
$471,501
over 30 years
$471,500
interest saved
How gap financing works: The equity gap ($401,985) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($60,000, 5% of purchase price) and a second mortgage for the rest ($341,985 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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