Loan Comparison: 2.88% vs 6.5%
9920 Hodgen, Colorado Springs, CO 80908 · 3bd/3ba · $925,000
List Price
$925,000
Assumable Rate
2.88%
Remaining Balance
$588,328
Equity Gap
$336,671
Loan Type
VAAdjust Your Scenario
$46,250
$46,250$336,671
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,554/moAssumable @ 2.88% + gap loan
$4,676/moAssumed loan: $2,443/mo
Gap financing: $2,233/mo
$879less per month with the assumable
Your Savings on This Property
9920 Hodgen, Colorado Springs · 2.88% VA vs 6.5% conventional
$879
per month
$10,545
per year
$316,336
over 30 years
$316,335
interest saved
How gap financing works: The equity gap ($336,671) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($46,250, 5% of purchase price) and a second mortgage for the rest ($290,421 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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