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
$801,748
Equity Gap
$394,535
Loan Type
VAAdjust Your Scenario
$60,000
$60,000$394,535
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,206/moAssumable @ 2.77% + gap loan
$5,854/moAssumed loan: $3,282/mo
Gap financing: $2,572/mo
$1,352less per month with the assumable
Your Savings on This Property
9364 Shipman, Colorado Springs · 2.77% VA vs 6.5% conventional
$1,352
per month
$16,221
per year
$486,621
over 30 years
$482,904
interest saved
How gap financing works: The equity gap ($394,535) 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 ($334,535 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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