Loan Comparison: 2.76% vs 6.5%
3205 Illinois, Colorado Springs, CO 80907 · 3bd/1ba · $330,000
List Price
$330,000
Assumable Rate
2.76%
Remaining Balance
$65,951
Equity Gap
$293,904
Loan Type
VAAdjust Your Scenario
$16,500
$16,500$293,904
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.76% (VA)
Blended Rate: 7.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 2.76% + gap loan
$2,403/moAssumed loan: $270/mo
Gap financing: $2,133/mo
Your Savings on This Property
3205 Illinois, Colorado Springs · 2.76% 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 ($293,904) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($277,404 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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