Loan Comparison: 2.96% vs 6.5%
2149 Whitewood Drive, Colorado Springs, CO 80916 · 4bd/3ba · $320,000
List Price
$320,000
Assumable Rate
2.96%
Remaining Balance
$296,748
Equity Gap
$23,251
Loan Type
VAAdjust Your Scenario
$16,000
$16,000$23,251
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.96% + gap loan
$1,295/moAssumed loan: $1,245/mo
Gap financing: $51/mo
$626less per month with the assumable
Your Savings on This Property
2149 Whitewood Drive, Colorado Springs · 2.96% VA vs 6.5% conventional
$626
per month
$7,513
per year
$225,388
over 30 years
$225,387
interest saved
How gap financing works: The equity gap ($23,251) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($7,251 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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