Loan Comparison: 3.02% vs 6.5%
2559 Hot Springs Court, Colorado Springs, CO 80919 · 4bd/3ba · $565,000
List Price
$565,000
Assumable Rate
3.02%
Remaining Balance
$293,815
Equity Gap
$271,185
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$271,185
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.02% + gap loan
$2,941/moAssumed loan: $1,242/mo
Gap financing: $1,699/mo
$452less per month with the assumable
Your Savings on This Property
2559 Hot Springs Court, Colorado Springs · 3.02% VA vs 6.5% conventional
$452
per month
$5,425
per year
$162,749
over 30 years
$162,749
interest saved
How gap financing works: The equity gap ($271,185) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($242,935 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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