Loan Comparison: 2.93% vs 6.5%
10010 Intrepid Way, Colorado Springs, CO 80925 · 3bd/1ba · $510,000
List Price
$510,000
Assumable Rate
2.93%
Remaining Balance
$365,648
Equity Gap
$144,352
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$144,352
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (VA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.93% + gap loan
$2,359/moAssumed loan: $1,528/mo
Gap financing: $831/mo
$704less per month with the assumable
Your Savings on This Property
10010 Intrepid Way, Colorado Springs · 2.93% VA vs 6.5% conventional
$704
per month
$8,442
per year
$253,268
over 30 years
$253,268
interest saved
How gap financing works: The equity gap ($144,352) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($118,852 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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