Loan Comparison: 2.99% vs 6.5%
1630 Oakmont Drive, Colorado Springs, CO 80921 · 5bd/6ba · $950,000
List Price
$950,000
Assumable Rate
2.99%
Remaining Balance
$273,790
Equity Gap
$676,210
Loan Type
VAAdjust Your Scenario
$47,500
$47,500$676,210
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 6.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,704/moAssumable @ 2.99% + gap loan
$5,549/moAssumed loan: $1,153/mo
Gap financing: $4,396/mo
$156less per month with the assumable
Your Savings on This Property
1630 Oakmont Drive, Colorado Springs · 2.99% VA vs 6.5% conventional
$156
per month
$1,867
per year
$55,998
over 30 years
$55,998
interest saved
How gap financing works: The equity gap ($676,210) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($47,500, 5% of purchase price) and a second mortgage for the rest ($628,710 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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