Loan Comparison: 2.98% vs 6.5%
5123 Stillwater Drive, Colorado Springs, CO 80923 · 4bd/4ba · $405,000
List Price
$405,000
Assumable Rate
2.98%
Remaining Balance
$355,375
Equity Gap
$49,625
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$49,625
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 2.98% + gap loan
$1,700/moAssumed loan: $1,494/mo
Gap financing: $205/mo
$732less per month with the assumable
Your Savings on This Property
5123 Stillwater Drive, Colorado Springs · 2.98% VA vs 6.5% conventional
$732
per month
$8,785
per year
$263,535
over 30 years
$263,535
interest saved
How gap financing works: The equity gap ($49,625) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($29,375 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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