Loan Comparison: 2.77% vs 6.5%
6973 Red Cardinal, Colorado Springs, CO 80908 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.77%
Remaining Balance
$334,316
Equity Gap
$116,462
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$116,462
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.77% + gap loan
$2,091/moAssumed loan: $1,368/mo
Gap financing: $722/mo
$611less per month with the assumable
Your Savings on This Property
6973 Red Cardinal, Colorado Springs · 2.77% VA vs 6.5% conventional
$611
per month
$7,335
per year
$220,048
over 30 years
$220,826
interest saved
How gap financing works: The equity gap ($116,462) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($93,962 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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