Loan Comparison: 2.96% vs 6.5%
711 Bear Paw Lane, Colorado Springs, CO 80906 · 2bd/2ba · $875,000
List Price
$875,000
Assumable Rate
2.96%
Remaining Balance
$666,310
Equity Gap
$208,690
Loan Type
VAAdjust Your Scenario
$43,750
$43,750$208,690
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,254/moAssumable @ 2.96% + gap loan
$3,948/moAssumed loan: $2,795/mo
Gap financing: $1,153/mo
$1,306less per month with the assumable
Your Savings on This Property
711 Bear Paw Lane, Colorado Springs · 2.96% VA vs 6.5% conventional
$1,306
per month
$15,671
per year
$470,140
over 30 years
$470,140
interest saved
How gap financing works: The equity gap ($208,690) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($43,750, 5% of purchase price) and a second mortgage for the rest ($164,940 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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