Loan Comparison: 2.96% vs 6.5%
4119 Happy Jack Drive, Colorado Springs, CO 80922 · 3bd/4ba · $435,000
List Price
$435,000
Assumable Rate
2.96%
Remaining Balance
$345,361
Equity Gap
$89,638
Loan Type
VAAdjust Your Scenario
$21,750
$21,750$89,638
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 2.96% + gap loan
$1,923/moAssumed loan: $1,449/mo
Gap financing: $475/mo
$689less per month with the assumable
Your Savings on This Property
4119 Happy Jack Drive, Colorado Springs · 2.96% VA vs 6.5% conventional
$689
per month
$8,265
per year
$247,940
over 30 years
$247,939
interest saved
How gap financing works: The equity gap ($89,638) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($67,888 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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