Loan Comparison: 2.96% vs 6.5%
2370 Lexington Village, Colorado Springs, CO 80916 · 2bd/2ba · $200,000
List Price
$200,000
Assumable Rate
2.96%
Remaining Balance
$159,379
Equity Gap
$40,621
Loan Type
VAAdjust Your Scenario
$10,000
$10,000$40,621
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,201/moAssumable @ 2.96% + gap loan
$904/moAssumed loan: $669/mo
Gap financing: $235/mo
$297less per month with the assumable
Your Savings on This Property
2370 Lexington Village, Colorado Springs · 2.96% VA vs 6.5% conventional
$297
per month
$3,564
per year
$106,908
over 30 years
$106,908
interest saved
How gap financing works: The equity gap ($40,621) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,000, 5% of purchase price) and a second mortgage for the rest ($30,621 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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