Loan Comparison: 2.77% vs 6.5%
6020 Castlewood, Colorado Springs, CO 80918 · 4bd/3ba · $639,900
List Price
$639,900
Assumable Rate
2.77%
Remaining Balance
$316,679
Equity Gap
$321,739
Loan Type
VAAdjust Your Scenario
$31,995
$31,995$321,739
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 5.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 2.77% + gap loan
$3,524/moAssumed loan: $1,296/mo
Gap financing: $2,228/mo
$318less per month with the assumable
Your Savings on This Property
6020 Castlewood, Colorado Springs · 2.77% VA vs 6.5% conventional
$318
per month
$3,820
per year
$114,596
over 30 years
$113,114
interest saved
How gap financing works: The equity gap ($321,739) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($289,744 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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