Loan Comparison: 2.96% vs 6.5%
3642 Darkwood Place, Colorado Springs, CO 80910 · 4bd/2ba · $290,000
List Price
$290,000
Assumable Rate
2.96%
Remaining Balance
$227,636
Equity Gap
$62,364
Loan Type
VAAdjust Your Scenario
$14,500
$14,500$62,364
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.96% + gap loan
$1,289/moAssumed loan: $955/mo
Gap financing: $335/mo
$452less per month with the assumable
Your Savings on This Property
3642 Darkwood Place, Colorado Springs · 2.96% VA vs 6.5% conventional
$452
per month
$5,422
per year
$162,668
over 30 years
$162,668
interest saved
How gap financing works: The equity gap ($62,364) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($47,864 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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