Loan Comparison: 2.9% vs 6.5%
6215 Desoto Drive, Colorado Springs, CO 80922 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.9%
Remaining Balance
$324,648
Equity Gap
$75,352
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$75,352
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.9% + gap loan
$1,738/moAssumed loan: $1,351/mo
Gap financing: $387/mo
$664less per month with the assumable
Your Savings on This Property
6215 Desoto Drive, Colorado Springs · 2.9% VA vs 6.5% conventional
$664
per month
$7,963
per year
$238,877
over 30 years
$238,877
interest saved
How gap financing works: The equity gap ($75,352) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($55,352 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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