Loan Comparison: 2.8% vs 6.5%
901 Prickly Pear Place, Colorado Springs, CO 80921 · 5bd/4ba · $799,900
List Price
$799,900
Assumable Rate
2.8%
Remaining Balance
$363,764
Equity Gap
$436,135
Loan Type
VAAdjust Your Scenario
$39,995
$39,995$436,135
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 5.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,803/moAssumable @ 2.8% + gap loan
$4,265/moAssumed loan: $1,495/mo
Gap financing: $2,770/mo
$539less per month with the assumable
Your Savings on This Property
901 Prickly Pear Place, Colorado Springs · 2.8% VA vs 6.5% conventional
$539
per month
$6,463
per year
$193,882
over 30 years
$193,881
interest saved
How gap financing works: The equity gap ($436,135) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,995, 5% of purchase price) and a second mortgage for the rest ($396,140 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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