Loan Comparison: 2.98% vs 6.5%
6226 Scottsbluff, Colorado Springs, CO 80923 · 2bd/2ba · $375,000
List Price
$375,000
Assumable Rate
2.98%
Remaining Balance
$336,833
Equity Gap
$38,166
Loan Type
VAAdjust Your Scenario
$18,750
$18,750$38,166
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.98% + gap loan
$1,566/moAssumed loan: $1,416/mo
Gap financing: $149/mo
$686less per month with the assumable
Your Savings on This Property
6226 Scottsbluff, Colorado Springs · 2.98% VA vs 6.5% conventional
$686
per month
$8,232
per year
$246,953
over 30 years
$246,952
interest saved
How gap financing works: The equity gap ($38,166) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($19,416 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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