Loan Comparison: 2.94% vs 6.5%
1295 Diamond Rim Drive, Colorado Springs, CO 80921 · 4bd/5ba · $580,000
List Price
$580,000
Assumable Rate
2.94%
Remaining Balance
$316,739
Equity Gap
$263,260
Loan Type
VAAdjust Your Scenario
$29,000
$29,000$263,260
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,483/moAssumable @ 2.94% + gap loan
$2,963/moAssumed loan: $1,325/mo
Gap financing: $1,638/mo
$520less per month with the assumable
Your Savings on This Property
1295 Diamond Rim Drive, Colorado Springs · 2.94% VA vs 6.5% conventional
$520
per month
$6,235
per year
$187,041
over 30 years
$187,040
interest saved
How gap financing works: The equity gap ($263,260) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,000, 5% of purchase price) and a second mortgage for the rest ($234,260 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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