Loan Comparison: 2.6% vs 6.5%
5385 Ferrari Drive, Colorado Springs, CO 80909 · 3bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.6%
Remaining Balance
$289,790
Equity Gap
$170,210
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$170,210
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.6% (VA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.6% + gap loan
$2,189/moAssumed loan: $1,160/mo
Gap financing: $1,029/mo
$573less per month with the assumable
Your Savings on This Property
5385 Ferrari Drive, Colorado Springs · 2.6% VA vs 6.5% conventional
$573
per month
$6,872
per year
$206,164
over 30 years
$206,164
interest saved
How gap financing works: The equity gap ($170,210) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($147,210 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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