Loan Comparison: 2.77% vs 6.5%
6923 Quiet Pond, Colorado Springs, CO 80923 · 5bd/4ba · $625,000
List Price
$625,000
Assumable Rate
2.77%
Remaining Balance
$386,198
Equity Gap
$265,461
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$265,461
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.77% + gap loan
$3,382/moAssumed loan: $1,581/mo
Gap financing: $1,801/mo
$371less per month with the assumable
Your Savings on This Property
6923 Quiet Pond, Colorado Springs · 2.77% VA vs 6.5% conventional
$371
per month
$4,456
per year
$133,672
over 30 years
$160,331
interest saved
How gap financing works: The equity gap ($265,461) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($234,211 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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