Loan Comparison: 2.77% vs 6.5%
6776 Red Cardinal, Colorado Springs, CO 80908 · 5bd/4ba · $565,000
List Price
$565,000
Assumable Rate
2.77%
Remaining Balance
$501,724
Equity Gap
$63,276
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$63,276
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 3.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.77% + gap loan
$2,323/moAssumed loan: $2,054/mo
Gap financing: $269/mo
$1,070less per month with the assumable
Your Savings on This Property
6776 Red Cardinal, Colorado Springs · 2.77% VA vs 6.5% conventional
$1,070
per month
$12,837
per year
$385,107
over 30 years
$385,107
interest saved
How gap financing works: The equity gap ($63,276) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($35,026 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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