Loan Comparison: 2.83% vs 6.5%
2070 Alamosa, Colorado Springs, CO 80920 · 7bd/6ba · $1,995,000
List Price
$1,995,000
Assumable Rate
2.83%
Remaining Balance
$1,001,257
Equity Gap
$993,743
Loan Type
VAAdjust Your Scenario
$99,750
$99,750$993,743
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$11,979/moAssumable @ 2.83% + gap loan
$11,004/moAssumed loan: $4,130/mo
Gap financing: $6,874/mo
$975less per month with the assumable
Your Savings on This Property
2070 Alamosa, Colorado Springs · 2.83% VA vs 6.5% conventional
$975
per month
$11,702
per year
$351,051
over 30 years
$351,051
interest saved
How gap financing works: The equity gap ($993,743) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($99,750, 5% of purchase price) and a second mortgage for the rest ($893,993 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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