Loan Comparison: 2.96% vs 6.5%
1310 Baylor Drive, Colorado Springs, CO 80909 · 3bd/3ba · $353,000
List Price
$353,000
Assumable Rate
2.96%
Remaining Balance
$120,141
Equity Gap
$232,859
Loan Type
VAAdjust Your Scenario
$17,650
$17,650$232,859
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 5.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,120/moAssumable @ 2.96% + gap loan
$2,009/moAssumed loan: $504/mo
Gap financing: $1,505/mo
$111less per month with the assumable
Your Savings on This Property
1310 Baylor Drive, Colorado Springs · 2.96% VA vs 6.5% conventional
$111
per month
$1,331
per year
$39,937
over 30 years
$39,937
interest saved
How gap financing works: The equity gap ($232,859) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,650, 5% of purchase price) and a second mortgage for the rest ($215,209 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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