Loan Comparison: 2.88% vs 6.5%
1224 High Point Lane, Colorado Springs, CO 80904 · 4bd/4ba · $830,000
List Price
$830,000
Assumable Rate
2.88%
Remaining Balance
$440,819
Equity Gap
$389,180
Loan Type
VAAdjust Your Scenario
$41,500
$41,500$389,180
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,984/moAssumable @ 2.88% + gap loan
$4,261/moAssumed loan: $1,830/mo
Gap financing: $2,431/mo
$723less per month with the assumable
Your Savings on This Property
1224 High Point Lane, Colorado Springs · 2.88% VA vs 6.5% conventional
$723
per month
$8,673
per year
$260,181
over 30 years
$260,180
interest saved
How gap financing works: The equity gap ($389,180) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,500, 5% of purchase price) and a second mortgage for the rest ($347,680 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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