Loan Comparison: 2.18% vs 6.5%
1630 Oakmont Drive, Colorado Springs, CO 80921 · 5bd/4ba · $950,000
List Price
$950,000
Assumable Rate
2.18%
Remaining Balance
$292,103
Equity Gap
$657,896
Loan Type
VAAdjust Your Scenario
$47,500
$47,500$657,896
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.18% (VA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,704/moAssumable @ 2.18% + gap loan
$5,374/moAssumed loan: $1,106/mo
Gap financing: $4,268/mo
$330less per month with the assumable
Your Savings on This Property
1630 Oakmont Drive, Colorado Springs · 2.18% VA vs 6.5% conventional
$330
per month
$3,963
per year
$118,903
over 30 years
$118,902
interest saved
How gap financing works: The equity gap ($657,896) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($47,500, 5% of purchase price) and a second mortgage for the rest ($610,396 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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