Loan Comparison: 2.74% vs 6.5%
1617 Kiowa, Colorado Springs, CO 80909 · 3bd/2ba · $397,000
List Price
$397,000
Assumable Rate
2.74%
Remaining Balance
$214,601
Equity Gap
$183,393
Loan Type
VAAdjust Your Scenario
$19,850
$19,850$183,393
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 5.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,384/moAssumable @ 2.74% + gap loan
$2,132/moAssumed loan: $875/mo
Gap financing: $1,258/mo
$251less per month with the assumable
Your Savings on This Property
1617 Kiowa, Colorado Springs · 2.74% VA vs 6.5% conventional
$251
per month
$3,017
per year
$90,499
over 30 years
$91,493
interest saved
How gap financing works: The equity gap ($183,393) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,850, 5% of purchase price) and a second mortgage for the rest ($163,543 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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