Loan Comparison: 2.94% vs 6.5%
7487 Farmcrest, Colorado Springs, CO 80925 · 4bd/2ba · $394,000
List Price
$394,000
Assumable Rate
2.94%
Remaining Balance
$277,340
Equity Gap
$116,659
Loan Type
VAAdjust Your Scenario
$19,700
$19,700$116,659
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,366/moAssumable @ 2.94% + gap loan
$1,906/moAssumed loan: $1,160/mo
Gap financing: $746/mo
$460less per month with the assumable
Your Savings on This Property
7487 Farmcrest, Colorado Springs · 2.94% VA vs 6.5% conventional
$460
per month
$5,520
per year
$165,592
over 30 years
$165,591
interest saved
How gap financing works: The equity gap ($116,659) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,700, 5% of purchase price) and a second mortgage for the rest ($96,959 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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