Loan Comparison: 2.96% vs 6.5%
2149 Whitewood Drive, Colorado Springs, CO 80910 · 4bd/2ba · $323,000
List Price
$323,000
Assumable Rate
2.96%
Remaining Balance
$297,419
Equity Gap
$25,580
Loan Type
VAAdjust Your Scenario
$16,150
$16,150$25,580
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,940/moAssumable @ 2.96% + gap loan
$1,313/moAssumed loan: $1,248/mo
Gap financing: $66/mo
$626less per month with the assumable
Your Savings on This Property
2149 Whitewood Drive, Colorado Springs · 2.96% VA vs 6.5% conventional
$626
per month
$7,512
per year
$225,375
over 30 years
$225,374
interest saved
How gap financing works: The equity gap ($25,580) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,150, 5% of purchase price) and a second mortgage for the rest ($9,430 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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