Loan Comparison: 2.74% vs 6.5%
7485 Cottage Grove, Colorado Springs, CO 80911 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
2.74%
Remaining Balance
$137,593
Equity Gap
$277,730
Loan Type
VAAdjust Your Scenario
$20,750
$20,750$277,730
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (VA)
Blended Rate: 6.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.74% + gap loan
$2,537/moAssumed loan: $561/mo
Gap financing: $1,976/mo
Your Savings on This Property
7485 Cottage Grove, Colorado Springs · 2.74% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($277,730) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($256,980 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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