Loan Comparison: 2.9% vs 6.5%
1245 Bayberry, Colorado Springs, CO 80916 · 3bd/2ba · $410,000
List Price
$410,000
Assumable Rate
2.9%
Remaining Balance
$354,734
Equity Gap
$55,266
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$55,266
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.9% + gap loan
$1,744/moAssumed loan: $1,477/mo
Gap financing: $267/mo
$718less per month with the assumable
Your Savings on This Property
1245 Bayberry, Colorado Springs · 2.9% VA vs 6.5% conventional
$718
per month
$8,617
per year
$258,507
over 30 years
$258,507
interest saved
How gap financing works: The equity gap ($55,266) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($34,766 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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