Loan Comparison: 2.98% vs 6.5%
1019 Market, Colorado Springs, CO 80904 · 2bd/1ba · $399,900
List Price
$399,900
Assumable Rate
2.98%
Remaining Balance
$243,619
Equity Gap
$156,281
Loan Type
VAAdjust Your Scenario
$19,995
$19,995$156,281
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.98% + gap loan
$2,072/moAssumed loan: $1,024/mo
Gap financing: $1,048/mo
$329less per month with the assumable
Your Savings on This Property
1019 Market, Colorado Springs · 2.98% VA vs 6.5% conventional
$329
per month
$3,946
per year
$118,388
over 30 years
$118,388
interest saved
How gap financing works: The equity gap ($156,281) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($136,286 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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