Loan Comparison: 2.9% vs 6.5%
5794 Cassina Drive, Colorado Springs, CO 80923 · 3bd/1ba · $390,000
List Price
$390,000
Assumable Rate
2.9%
Remaining Balance
$299,798
Equity Gap
$90,201
Loan Type
VAAdjust Your Scenario
$19,500
$19,500$90,201
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.9% + gap loan
$1,742/moAssumed loan: $1,248/mo
Gap financing: $494/mo
$600less per month with the assumable
Your Savings on This Property
5794 Cassina Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$600
per month
$7,195
per year
$215,860
over 30 years
$215,859
interest saved
How gap financing works: The equity gap ($90,201) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($70,701 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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