Loan Comparison: 2.99% vs 6.5%
2583 Gobi Drive, Colorado Springs, CO 80939 · 4bd/3ba · $445,000
List Price
$445,000
Assumable Rate
2.99%
Remaining Balance
$352,994
Equity Gap
$92,005
Loan Type
VAAdjust Your Scenario
$22,250
$22,250$92,005
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 2.99% + gap loan
$1,974/moAssumed loan: $1,486/mo
Gap financing: $488/mo
$698less per month with the assumable
Your Savings on This Property
2583 Gobi Drive, Colorado Springs · 2.99% VA vs 6.5% conventional
$698
per month
$8,376
per year
$251,279
over 30 years
$251,278
interest saved
How gap financing works: The equity gap ($92,005) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($69,755 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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