Loan Comparison: 2.84% vs 6.5%
10940 Saco Drive, Colorado Springs, CO 80925 · 5bd/4ba · $410,000
List Price
$410,000
Assumable Rate
2.84%
Remaining Balance
$380,093
Equity Gap
$29,907
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$29,907
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 2.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.84% + gap loan
$1,636/moAssumed loan: $1,570/mo
Gap financing: $66/mo
$826less per month with the assumable
Your Savings on This Property
10940 Saco Drive, Colorado Springs · 2.84% VA vs 6.5% conventional
$826
per month
$9,915
per year
$297,452
over 30 years
$297,452
interest saved
How gap financing works: The equity gap ($29,907) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($9,407 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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