Loan Comparison: 2.94% vs 6.5%
7487 Farmcrest, Colorado Springs, CO 80925 · 4bd/2ba · $379,000
List Price
$379,000
Assumable Rate
2.94%
Remaining Balance
$276,704
Equity Gap
$99,131
Loan Type
VAAdjust Your Scenario
$18,950
$18,950$99,131
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,276/moAssumable @ 2.94% + gap loan
$1,774/moAssumed loan: $1,158/mo
Gap financing: $617/mo
$502less per month with the assumable
Your Savings on This Property
7487 Farmcrest, Colorado Springs · 2.94% VA vs 6.5% conventional
$502
per month
$6,019
per year
$180,568
over 30 years
$177,403
interest saved
How gap financing works: The equity gap ($99,131) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,950, 5% of purchase price) and a second mortgage for the rest ($80,181 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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