Loan Comparison: 2.77% vs 6.5%
6020 Castlewood, Colorado Springs, CO 80918 · 4bd/3ba · $659,950
List Price
$659,950
Assumable Rate
2.77%
Remaining Balance
$504,161
Equity Gap
$341,789
Loan Type
VAAdjust Your Scenario
$32,998
$32,998$341,789
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,963/moAssumable @ 2.77% + gap loan
$4,438/moAssumed loan: $2,064/mo
Gap financing: $2,374/mo
Your Savings on This Property
6020 Castlewood, Colorado Springs · 2.77% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$14,961
interest saved
How gap financing works: The equity gap ($341,789) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,998, 5% of purchase price) and a second mortgage for the rest ($308,791 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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