Loan Comparison: 2.9% vs 6.5%
5540 Parapet Court, Colorado Springs, CO 80918 · 4bd/3ba · $1,720,000
List Price
$1,720,000
Assumable Rate
2.9%
Remaining Balance
$816,439
Equity Gap
$903,561
Loan Type
VAAdjust Your Scenario
$86,000
$86,000$903,561
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$10,328/moAssumable @ 2.9% + gap loan
$9,115/moAssumed loan: $3,398/mo
Gap financing: $5,717/mo
$1,213less per month with the assumable
Your Savings on This Property
5540 Parapet Court, Colorado Springs · 2.9% VA vs 6.5% conventional
$1,213
per month
$14,559
per year
$436,760
over 30 years
$436,760
interest saved
How gap financing works: The equity gap ($903,561) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($86,000, 5% of purchase price) and a second mortgage for the rest ($817,561 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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