Loan Comparison: 2.88% vs 6.5%
5936 Callan, Colorado Springs, CO 80927 · 4bd/3ba · $675,000
List Price
$675,000
Assumable Rate
2.88%
Remaining Balance
$578,991
Equity Gap
$96,008
Loan Type
VAAdjust Your Scenario
$33,750
$33,750$96,008
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 3.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,053/moAssumable @ 2.88% + gap loan
$2,882/moAssumed loan: $2,404/mo
Gap financing: $479/mo
$1,171less per month with the assumable
Your Savings on This Property
5936 Callan, Colorado Springs · 2.88% VA vs 6.5% conventional
$1,171
per month
$14,048
per year
$421,448
over 30 years
$421,447
interest saved
How gap financing works: The equity gap ($96,008) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,750, 5% of purchase price) and a second mortgage for the rest ($62,258 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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