Loan Comparison: 2.81% vs 6.5%
106 Waltham, Manitou Springs, CO 80829 · 3bd/3ba · $600,000
List Price
$600,000
Assumable Rate
2.81%
Remaining Balance
$233,096
Equity Gap
$366,903
Loan Type
VAAdjust Your Scenario
$30,000
$30,000$366,903
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 6.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.81% + gap loan
$3,550/moAssumed loan: $959/mo
Gap financing: $2,590/mo
$53less per month with the assumable
Your Savings on This Property
106 Waltham, Manitou Springs · 2.81% VA vs 6.5% conventional
$53
per month
$639
per year
$19,180
over 30 years
$19,179
interest saved
How gap financing works: The equity gap ($366,903) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($336,903 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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