Loan Comparison: 2.74% vs 6.5%
1107 Morning Star, Colorado Springs, CO 80905 · 3bd/2ba · $485,621
List Price
$485,621
Assumable Rate
2.74%
Remaining Balance
$162,678
Equity Gap
$322,943
Loan Type
VAAdjust Your Scenario
$24,281
$24,281$322,943
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 6.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,916/moAssumable @ 2.74% + gap loan
$2,960/moAssumed loan: $663/mo
Gap financing: $2,296/mo
Your Savings on This Property
1107 Morning Star, Colorado Springs · 2.74% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($322,943) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,281, 5% of purchase price) and a second mortgage for the rest ($298,662 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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