Loan Comparison: 2.89% vs 6.5%
5194 Eldorado Canyon, Colorado Springs, CO 80924 · 4bd/3ba · $775,000
List Price
$775,000
Assumable Rate
2.89%
Remaining Balance
$269,837
Equity Gap
$518,294
Loan Type
VAAdjust Your Scenario
$38,750
$38,750$518,294
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 6.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,654/moAssumable @ 2.89% + gap loan
$4,809/moAssumed loan: $1,122/mo
Gap financing: $3,687/mo
Your Savings on This Property
5194 Eldorado Canyon, Colorado Springs · 2.89% 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 ($518,294) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($38,750, 5% of purchase price) and a second mortgage for the rest ($479,544 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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