Loan Comparison: 2.9% vs 6.5%
711 Spruce, Colorado Springs, CO 80905 · 2bd/1ba · $519,000
List Price
$519,000
Assumable Rate
2.9%
Remaining Balance
$299,423
Equity Gap
$219,576
Loan Type
VAAdjust Your Scenario
$25,950
$25,950$219,576
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,116/moAssumable @ 2.9% + gap loan
$2,735/moAssumed loan: $1,246/mo
Gap financing: $1,489/mo
$381less per month with the assumable
Your Savings on This Property
711 Spruce, Colorado Springs · 2.9% VA vs 6.5% conventional
$381
per month
$4,576
per year
$137,270
over 30 years
$137,269
interest saved
How gap financing works: The equity gap ($219,576) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,950, 5% of purchase price) and a second mortgage for the rest ($193,626 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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