Loan Comparison: 2.31% vs 6.5%
6167 Armdale, Colorado Springs, CO 80927 · 3bd/2ba · $579,500
List Price
$579,500
Assumable Rate
2.31%
Remaining Balance
$328,797
Equity Gap
$244,043
Loan Type
VAAdjust Your Scenario
$28,975
$28,975$244,043
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.31% (VA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,480/moAssumable @ 2.31% + gap loan
$2,921/moAssumed loan: $1,267/mo
Gap financing: $1,654/mo
$559less per month with the assumable
Your Savings on This Property
6167 Armdale, Colorado Springs · 2.31% VA vs 6.5% conventional
$559
per month
$6,709
per year
$201,278
over 30 years
$194,618
interest saved
How gap financing works: The equity gap ($244,043) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,975, 5% of purchase price) and a second mortgage for the rest ($215,068 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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