Loan Comparison: 3.06% vs 6.5%
2401 Ellingwood, Colorado Springs, CO 80910 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
3.06%
Remaining Balance
$383,260
Equity Gap
$66,740
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$66,740
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 3.06% + gap loan
$1,968/moAssumed loan: $1,628/mo
Gap financing: $340/mo
$734less per month with the assumable
Your Savings on This Property
2401 Ellingwood, Colorado Springs · 3.06% VA vs 6.5% conventional
$734
per month
$8,804
per year
$264,116
over 30 years
$264,116
interest saved
How gap financing works: The equity gap ($66,740) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($44,240 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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