Loan Comparison: 2.74% vs 6.5%
7110 Sand Trap, Colorado Springs, CO 80925 · 6bd/5ba · $699,000
List Price
$699,000
Assumable Rate
2.74%
Remaining Balance
$332,728
Equity Gap
$366,271
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$366,271
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 2.74% + gap loan
$3,904/moAssumed loan: $1,357/mo
Gap financing: $2,548/mo
$293less per month with the assumable
Your Savings on This Property
7110 Sand Trap, Colorado Springs · 2.74% VA vs 6.5% conventional
$293
per month
$3,517
per year
$105,518
over 30 years
$105,517
interest saved
How gap financing works: The equity gap ($366,271) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($331,321 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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