Loan Comparison: 2.77% vs 6.5%
6560 Snowbird, Colorado Springs, CO 80918 · 4bd/3ba · $395,000
List Price
$395,000
Assumable Rate
2.77%
Remaining Balance
$150,639
Equity Gap
$244,361
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$244,361
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 6.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.77% + gap loan
$2,344/moAssumed loan: $617/mo
Gap financing: $1,727/mo
$28less per month with the assumable
Your Savings on This Property
6560 Snowbird, Colorado Springs · 2.77% VA vs 6.5% conventional
$28
per month
$338
per year
$10,153
over 30 years
$10,153
interest saved
How gap financing works: The equity gap ($244,361) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($224,611 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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