Loan Comparison: 3.01% vs 6.5%
2559 Hot Springs Court, Colorado Springs, CO 80919 · 3bd/2ba · $565,000
List Price
$565,000
Assumable Rate
3.01%
Remaining Balance
$293,752
Equity Gap
$271,248
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$271,248
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (VA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.01% + gap loan
$2,939/moAssumed loan: $1,240/mo
Gap financing: $1,699/mo
$453less per month with the assumable
Your Savings on This Property
2559 Hot Springs Court, Colorado Springs · 3.01% VA vs 6.5% conventional
$453
per month
$5,442
per year
$163,257
over 30 years
$163,257
interest saved
How gap financing works: The equity gap ($271,248) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($242,998 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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