Loan Comparison: 2.87% vs 6.5%
8746 Bittercress, Colorado Springs, CO 80925 · 5bd/3ba · $570,000
List Price
$570,000
Assumable Rate
2.87%
Remaining Balance
$391,191
Equity Gap
$178,808
Loan Type
VAAdjust Your Scenario
$28,500
$28,500$178,808
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,423/moAssumable @ 2.87% + gap loan
$2,778/moAssumed loan: $1,622/mo
Gap financing: $1,156/mo
$645less per month with the assumable
Your Savings on This Property
8746 Bittercress, Colorado Springs · 2.87% VA vs 6.5% conventional
$645
per month
$7,739
per year
$232,176
over 30 years
$232,175
interest saved
How gap financing works: The equity gap ($178,808) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,500, 5% of purchase price) and a second mortgage for the rest ($150,308 at 8.5%). 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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