Loan Comparison: 2.74% vs 6.5%
411 Quebec, Colorado Springs, CO 80911 · 5bd/3ba · $399,000
List Price
$399,000
Assumable Rate
2.74%
Remaining Balance
$323,590
Equity Gap
$138,015
Loan Type
VAAdjust Your Scenario
$19,950
$19,950$138,015
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 4.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.74% + gap loan
$2,227/moAssumed loan: $1,319/mo
Gap financing: $908/mo
$169less per month with the assumable
Your Savings on This Property
411 Quebec, Colorado Springs · 2.74% VA vs 6.5% conventional
$169
per month
$2,025
per year
$60,740
over 30 years
$123,345
interest saved
How gap financing works: The equity gap ($138,015) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($118,065 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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