Loan Comparison: 2.94% vs 6.5%
7001 Oasis Butte Drive, Colorado Springs, CO 80923 · 6bd/6ba · $699,000
List Price
$699,000
Assumable Rate
2.94%
Remaining Balance
$301,119
Equity Gap
$397,880
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$397,880
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 2.94% + gap loan
$3,797/moAssumed loan: $1,260/mo
Gap financing: $2,538/mo
$400less per month with the assumable
Your Savings on This Property
7001 Oasis Butte Drive, Colorado Springs · 2.94% VA vs 6.5% conventional
$400
per month
$4,797
per year
$143,921
over 30 years
$143,920
interest saved
How gap financing works: The equity gap ($397,880) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($362,930 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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