Loan Comparison: 2.9% vs 6.5%
213 Jasper Drive, Colorado Springs, CO 80911 · 3bd/3ba · $315,000
List Price
$315,000
Assumable Rate
2.9%
Remaining Balance
$285,957
Equity Gap
$29,043
Loan Type
VAAdjust Your Scenario
$15,750
$15,750$29,043
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 2.9% + gap loan
$1,283/moAssumed loan: $1,190/mo
Gap financing: $93/mo
$608less per month with the assumable
Your Savings on This Property
213 Jasper Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$608
per month
$7,299
per year
$218,980
over 30 years
$218,980
interest saved
How gap financing works: The equity gap ($29,043) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($13,293 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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