Loan Comparison: 2.83% vs 6.5%
3024 Ellesmere, Colorado Springs, CO 80922 · 4bd/4ba · $455,000
List Price
$455,000
Assumable Rate
2.83%
Remaining Balance
$318,732
Equity Gap
$136,268
Loan Type
VAAdjust Your Scenario
$22,750
$22,750$136,268
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 2.83% + gap loan
$2,188/moAssumed loan: $1,315/mo
Gap financing: $873/mo
$545less per month with the assumable
Your Savings on This Property
3024 Ellesmere, Colorado Springs · 2.83% VA vs 6.5% conventional
$545
per month
$6,534
per year
$196,026
over 30 years
$196,026
interest saved
How gap financing works: The equity gap ($136,268) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,750, 5% of purchase price) and a second mortgage for the rest ($113,518 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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