Loan Comparison: 2.99% vs 6.5%
1012 Iowa Avenue, Colorado Springs, CO 80909 · 3bd/1ba · $550,000
List Price
$550,000
Assumable Rate
2.99%
Remaining Balance
$511,118
Equity Gap
$38,882
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$38,882
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 3.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.99% + gap loan
$2,232/moAssumed loan: $2,152/mo
Gap financing: $80/mo
$1,071less per month with the assumable
Your Savings on This Property
1012 Iowa Avenue, Colorado Springs · 2.99% VA vs 6.5% conventional
$1,071
per month
$12,850
per year
$385,500
over 30 years
$385,500
interest saved
How gap financing works: The equity gap ($38,882) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($11,382 at 7.5%). 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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