Loan Comparison: 2.8% vs 6.5%
900 Saturn Drive, Colorado Springs, CO 80905 · 3bd/3ba · $189,999
List Price
$189,999
Assumable Rate
2.8%
Remaining Balance
$177,455
Equity Gap
$12,543
Loan Type
VAAdjust Your Scenario
$9,500
$9,500$12,543
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 2.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,141/moAssumable @ 2.8% + gap loan
$750/moAssumed loan: $729/mo
Gap financing: $21/mo
$390less per month with the assumable
Your Savings on This Property
900 Saturn Drive, Colorado Springs · 2.8% VA vs 6.5% conventional
$390
per month
$4,685
per year
$140,561
over 30 years
$140,560
interest saved
How gap financing works: The equity gap ($12,543) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,500, 5% of purchase price) and a second mortgage for the rest ($3,043 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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