Loan Comparison: 2.8% vs 6.5%
2637 Waldean Street, Colorado Springs, CO 80909 · 3bd/3ba · $365,000
List Price
$365,000
Assumable Rate
2.8%
Remaining Balance
$301,091
Equity Gap
$63,908
Loan Type
VAAdjust Your Scenario
$18,250
$18,250$63,908
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 3.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 2.8% + gap loan
$1,556/moAssumed loan: $1,237/mo
Gap financing: $319/mo
$635less per month with the assumable
Your Savings on This Property
2637 Waldean Street, Colorado Springs · 2.8% VA vs 6.5% conventional
$635
per month
$7,623
per year
$228,702
over 30 years
$228,701
interest saved
How gap financing works: The equity gap ($63,908) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($45,658 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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