Loan Comparison: 2.94% vs 6.5%
6246 Wild Turkey Drive, Colorado Springs, CO 80925 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.94%
Remaining Balance
$348,986
Equity Gap
$51,013
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$51,013
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.94% + gap loan
$1,677/moAssumed loan: $1,460/mo
Gap financing: $217/mo
$725less per month with the assumable
Your Savings on This Property
6246 Wild Turkey Drive, Colorado Springs · 2.94% VA vs 6.5% conventional
$725
per month
$8,699
per year
$260,979
over 30 years
$260,978
interest saved
How gap financing works: The equity gap ($51,013) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($31,013 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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