Loan Comparison: 2.87% vs 6.5%
6483 Silverwind Circle, Colorado Springs, CO 80923 · 2bd/2ba · $424,000
List Price
$424,000
Assumable Rate
2.87%
Remaining Balance
$369,580
Equity Gap
$54,420
Loan Type
VAAdjust Your Scenario
$21,200
$21,200$54,420
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,546/moAssumable @ 2.87% + gap loan
$1,765/moAssumed loan: $1,532/mo
Gap financing: $232/mo
$781less per month with the assumable
Your Savings on This Property
6483 Silverwind Circle, Colorado Springs · 2.87% VA vs 6.5% conventional
$781
per month
$9,376
per year
$281,275
over 30 years
$281,275
interest saved
How gap financing works: The equity gap ($54,420) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,200, 5% of purchase price) and a second mortgage for the rest ($33,220 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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