Loan Comparison: 2.84% vs 6.5%
2011 Montezuma, Colorado Springs, CO 80910 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.84%
Remaining Balance
$348,655
Equity Gap
$51,345
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$51,345
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.84% + gap loan
$1,681/moAssumed loan: $1,440/mo
Gap financing: $241/mo
$721less per month with the assumable
Your Savings on This Property
2011 Montezuma, Colorado Springs · 2.84% VA vs 6.5% conventional
$721
per month
$8,650
per year
$259,493
over 30 years
$259,493
interest saved
How gap financing works: The equity gap ($51,345) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($31,345 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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