Loan Comparison: 2.7% vs 6.5%
7589 Chenoa, Colorado Springs, CO 80915 · 5bd/4ba · $499,900
List Price
$499,900
Assumable Rate
2.7%
Remaining Balance
$271,462
Equity Gap
$263,279
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$263,279
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (VA)
Blended Rate: 5.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.7% + gap loan
$2,933/moAssumed loan: $1,101/mo
Gap financing: $1,832/mo
$68less per month with the assumable
Your Savings on This Property
7589 Chenoa, Colorado Springs · 2.7% VA vs 6.5% conventional
$68
per month
$822
per year
$24,653
over 30 years
$59,494
interest saved
How gap financing works: The equity gap ($263,279) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($238,284 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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