Loan Comparison: 2.9% vs 6.5%
2008 Nevada Avenue, Colorado Springs, CO 80907 · 5bd/2ba · $715,000
List Price
$715,000
Assumable Rate
2.9%
Remaining Balance
$597,655
Equity Gap
$117,344
Loan Type
VAAdjust Your Scenario
$35,750
$35,750$117,344
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,293/moAssumable @ 2.9% + gap loan
$3,058/moAssumed loan: $2,488/mo
Gap financing: $571/mo
$1,235less per month with the assumable
Your Savings on This Property
2008 Nevada Avenue, Colorado Springs · 2.9% VA vs 6.5% conventional
$1,235
per month
$14,822
per year
$444,667
over 30 years
$444,666
interest saved
How gap financing works: The equity gap ($117,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,750, 5% of purchase price) and a second mortgage for the rest ($81,594 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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