Loan Comparison: 2.9% vs 6.5%
5954 Finglas Drive, Colorado Springs, CO 80923 · 6bd/2ba · $625,000
List Price
$625,000
Assumable Rate
2.9%
Remaining Balance
$317,407
Equity Gap
$307,592
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$307,592
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.9% + gap loan
$3,253/moAssumed loan: $1,321/mo
Gap financing: $1,932/mo
$500less per month with the assumable
Your Savings on This Property
5954 Finglas Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$500
per month
$5,994
per year
$179,833
over 30 years
$179,832
interest saved
How gap financing works: The equity gap ($307,592) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($276,342 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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