Loan Comparison: 3.08% vs 6.5%
2562 Ellingwood, Colorado Springs, CO 80910 · 3bd/3ba · $405,000
List Price
$405,000
Assumable Rate
3.08%
Remaining Balance
$297,079
Equity Gap
$109,215
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$109,215
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (VA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.08% + gap loan
$1,949/moAssumed loan: $1,265/mo
Gap financing: $684/mo
$482less per month with the assumable
Your Savings on This Property
2562 Ellingwood, Colorado Springs · 3.08% VA vs 6.5% conventional
$482
per month
$5,790
per year
$173,688
over 30 years
$174,982
interest saved
How gap financing works: The equity gap ($109,215) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($88,965 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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