Loan Comparison: 2.81% vs 6.5%
5353 Palomino Ranch, Colorado Springs, CO 80922 · 2bd/2ba · $279,999
List Price
$279,999
Assumable Rate
2.81%
Remaining Balance
$241,279
Equity Gap
$38,719
Loan Type
VAAdjust Your Scenario
$14,000
$14,000$38,719
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 2.81% + gap loan
$1,183/moAssumed loan: $993/mo
Gap financing: $190/mo
$499less per month with the assumable
Your Savings on This Property
5353 Palomino Ranch, Colorado Springs · 2.81% VA vs 6.5% conventional
$499
per month
$5,983
per year
$179,475
over 30 years
$179,474
interest saved
How gap financing works: The equity gap ($38,719) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($24,719 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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