Loan Comparison: 2.9% vs 6.5%
19840 Glen Shadows Drive, Colorado Springs, CO 80908 · 3bd/3ba · $1,000,000
List Price
$1,000,000
Assumable Rate
2.9%
Remaining Balance
$734,895
Equity Gap
$265,105
Loan Type
VAAdjust Your Scenario
$50,000
$50,000$265,105
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,005/moAssumable @ 2.9% + gap loan
$4,563/moAssumed loan: $3,059/mo
Gap financing: $1,504/mo
$1,442less per month with the assumable
Your Savings on This Property
19840 Glen Shadows Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$1,442
per month
$17,301
per year
$519,029
over 30 years
$519,029
interest saved
How gap financing works: The equity gap ($265,105) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($50,000, 5% of purchase price) and a second mortgage for the rest ($215,105 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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