Loan Comparison: 2.88% vs 6.5%
3112 Namib Drive, Colorado Springs, CO 80939 · 3bd/2ba · $489,000
List Price
$489,000
Assumable Rate
2.88%
Remaining Balance
$433,329
Equity Gap
$55,670
Loan Type
VAAdjust Your Scenario
$24,450
$24,450$55,670
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,936/moAssumable @ 2.88% + gap loan
$2,017/moAssumed loan: $1,799/mo
Gap financing: $218/mo
$919less per month with the assumable
Your Savings on This Property
3112 Namib Drive, Colorado Springs · 2.88% VA vs 6.5% conventional
$919
per month
$11,028
per year
$330,829
over 30 years
$330,828
interest saved
How gap financing works: The equity gap ($55,670) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,450, 5% of purchase price) and a second mortgage for the rest ($31,220 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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