Loan Comparison: 2.625% vs 6.5%
110 Monk, Colorado Springs, CO 80911 · 4bd/4ba · $435,000
List Price
$435,000
Assumable Rate
2.625%
Remaining Balance
$378,649
Equity Gap
$56,351
Loan Type
VAAdjust Your Scenario
$21,750
$21,750$56,351
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.625% (VA)
Blended Rate: 3.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 2.625% + gap loan
$1,787/moAssumed loan: $1,521/mo
Gap financing: $266/mo
$825less per month with the assumable
Your Savings on This Property
110 Monk, Colorado Springs · 2.625% VA vs 6.5% conventional
$825
per month
$9,901
per year
$297,045
over 30 years
$297,045
interest saved
How gap financing works: The equity gap ($56,351) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($34,601 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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