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
$320,211
Equity Gap
$135,527
Loan Type
VAAdjust Your Scenario
$22,750
$22,750$135,527
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 2.83% + gap loan
$2,188/moAssumed loan: $1,321/mo
Gap financing: $867/mo
$544less per month with the assumable
Your Savings on This Property
3024 Ellesmere, Colorado Springs · 2.83% VA vs 6.5% conventional
$544
per month
$6,529
per year
$195,881
over 30 years
$196,619
interest saved
How gap financing works: The equity gap ($135,527) 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 ($112,777 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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