Loan Comparison: 2.83% vs 6.5%
3082 Namib Drive, Colorado Springs, CO 80939 · 2bd/1ba · $500,000
List Price
$500,000
Assumable Rate
2.83%
Remaining Balance
$382,557
Equity Gap
$117,442
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$117,442
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 3.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.83% + gap loan
$2,224/moAssumed loan: $1,578/mo
Gap financing: $646/mo
$778less per month with the assumable
Your Savings on This Property
3082 Namib Drive, Colorado Springs · 2.83% VA vs 6.5% conventional
$778
per month
$9,335
per year
$280,059
over 30 years
$280,058
interest saved
How gap financing works: The equity gap ($117,442) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($92,442 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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