Loan Comparison: 2.31% vs 6.5%
6167 Armdale, Colorado Springs, CO 80927 · 3bd/2ba · $575,500
List Price
$575,500
Assumable Rate
2.31%
Remaining Balance
$326,569
Equity Gap
$240,043
Loan Type
VAAdjust Your Scenario
$28,775
$28,775$240,043
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.31% (VA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,456/moAssumable @ 2.31% + gap loan
$2,883/moAssumed loan: $1,258/mo
Gap financing: $1,624/mo
$573less per month with the assumable
Your Savings on This Property
6167 Armdale, Colorado Springs · 2.31% VA vs 6.5% conventional
$573
per month
$6,875
per year
$206,241
over 30 years
$197,353
interest saved
How gap financing works: The equity gap ($240,043) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,775, 5% of purchase price) and a second mortgage for the rest ($211,268 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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