Loan Comparison: 2.96% vs 6.5%
5440 Necker, Colorado Springs, CO 80922 · 3bd/3ba · $370,000
List Price
$370,000
Assumable Rate
2.96%
Remaining Balance
$297,732
Equity Gap
$72,267
Loan Type
VAAdjust Your Scenario
$18,500
$18,500$72,267
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 2.96% + gap loan
$1,662/moAssumed loan: $1,249/mo
Gap financing: $413/mo
$559less per month with the assumable
Your Savings on This Property
5440 Necker, Colorado Springs · 2.96% VA vs 6.5% conventional
$559
per month
$6,714
per year
$201,406
over 30 years
$201,405
interest saved
How gap financing works: The equity gap ($72,267) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($53,767 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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