Loan Comparison: 2.79% vs 6.5%
229 Washington Street, Colorado Springs, CO 80907 · 5bd/4ba · $489,900
List Price
$489,900
Assumable Rate
2.79%
Remaining Balance
$241,597
Equity Gap
$248,303
Loan Type
VAAdjust Your Scenario
$24,495
$24,495$248,303
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.79% (VA)
Blended Rate: 5.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.79% + gap loan
$2,556/moAssumed loan: $991/mo
Gap financing: $1,565/mo
$385less per month with the assumable
Your Savings on This Property
229 Washington Street, Colorado Springs · 2.79% VA vs 6.5% conventional
$385
per month
$4,624
per year
$138,727
over 30 years
$138,727
interest saved
How gap financing works: The equity gap ($248,303) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($223,808 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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