Loan Comparison: 2.87% vs 6.5%
5659 Heathland Terrace, Colorado Springs, CO 80915 · 2bd/2ba · $425,000
List Price
$425,000
Assumable Rate
2.87%
Remaining Balance
$394,116
Equity Gap
$30,883
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$30,883
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 2.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.87% + gap loan
$1,701/moAssumed loan: $1,634/mo
Gap financing: $67/mo
$851less per month with the assumable
Your Savings on This Property
5659 Heathland Terrace, Colorado Springs · 2.87% VA vs 6.5% conventional
$851
per month
$10,206
per year
$306,185
over 30 years
$306,184
interest saved
How gap financing works: The equity gap ($30,883) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($9,633 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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