Loan Comparison: 2.81% vs 6.5%
673 Shooks, Colorado Springs, CO 80903 · 3bd/3ba · $340,000
List Price
$340,000
Assumable Rate
2.81%
Remaining Balance
$272,523
Equity Gap
$66,853
Loan Type
VAAdjust Your Scenario
$17,000
$17,000$66,853
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 3.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.81% + gap loan
$1,505/moAssumed loan: $1,121/mo
Gap financing: $383/mo
$537less per month with the assumable
Your Savings on This Property
673 Shooks, Colorado Springs · 2.81% VA vs 6.5% conventional
$537
per month
$6,444
per year
$193,328
over 30 years
$192,704
interest saved
How gap financing works: The equity gap ($66,853) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($49,853 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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