Loan Comparison: 2.9% vs 6.5%
6563 Barrel Race Drive, Colorado Springs, CO 80923 · 3bd/3ba · $610,000
List Price
$610,000
Assumable Rate
2.9%
Remaining Balance
$415,105
Equity Gap
$194,894
Loan Type
VAAdjust Your Scenario
$30,500
$30,500$194,894
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 2.9% + gap loan
$2,877/moAssumed loan: $1,728/mo
Gap financing: $1,149/mo
$786less per month with the assumable
Your Savings on This Property
6563 Barrel Race Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$786
per month
$9,427
per year
$282,807
over 30 years
$282,806
interest saved
How gap financing works: The equity gap ($194,894) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($164,394 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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