Loan Comparison: 2.9% vs 6.5%
2314 Monument Street, Colorado Springs, CO 80909 · 1bd/1ba · $309,900
List Price
$309,900
Assumable Rate
2.9%
Remaining Balance
$287,760
Equity Gap
$22,140
Loan Type
VAAdjust Your Scenario
$15,495
$15,495$22,140
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.9% + gap loan
$1,244/moAssumed loan: $1,198/mo
Gap financing: $46/mo
$617less per month with the assumable
Your Savings on This Property
2314 Monument Street, Colorado Springs · 2.9% VA vs 6.5% conventional
$617
per month
$7,400
per year
$221,988
over 30 years
$221,988
interest saved
How gap financing works: The equity gap ($22,140) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,495, 5% of purchase price) and a second mortgage for the rest ($6,645 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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