Loan Comparison: 2.77% vs 6.5%
2483 Majestic Plains, Colorado Springs, CO 80915 · 5bd/4ba · $485,000
List Price
$485,000
Assumable Rate
2.77%
Remaining Balance
$355,380
Equity Gap
$130,591
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$130,591
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (VA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.77% + gap loan
$2,272/moAssumed loan: $1,455/mo
Gap financing: $818/mo
$640less per month with the assumable
Your Savings on This Property
2483 Majestic Plains, Colorado Springs · 2.77% VA vs 6.5% conventional
$640
per month
$7,680
per year
$230,403
over 30 years
$231,374
interest saved
How gap financing works: The equity gap ($130,591) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($106,341 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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