Loan Comparison: 2.89% vs 6.5%
2327 Condor Street, Colorado Springs, CO 80909 · 4bd/3ba · $440,000
List Price
$440,000
Assumable Rate
2.89%
Remaining Balance
$318,654
Equity Gap
$121,345
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$121,345
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.89% + gap loan
$2,019/moAssumed loan: $1,325/mo
Gap financing: $695/mo
$623less per month with the assumable
Your Savings on This Property
2327 Condor Street, Colorado Springs · 2.89% VA vs 6.5% conventional
$623
per month
$7,473
per year
$224,201
over 30 years
$224,200
interest saved
How gap financing works: The equity gap ($121,345) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($99,345 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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