Loan Comparison: 2.73% vs 6.5%
1521 Shane, Colorado Springs, CO 80907 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
2.73%
Remaining Balance
$233,946
Equity Gap
$181,774
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$181,774
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.73% (VA)
Blended Rate: 5.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.73% + gap loan
$2,191/moAssumed loan: $953/mo
Gap financing: $1,238/mo
$301less per month with the assumable
Your Savings on This Property
1521 Shane, Colorado Springs · 2.73% VA vs 6.5% conventional
$301
per month
$3,614
per year
$108,434
over 30 years
$109,154
interest saved
How gap financing works: The equity gap ($181,774) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($161,024 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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