Loan Comparison: 2.83% vs 6.5%
80 Olympian, Colorado Springs, CO 80905 · 3bd/3ba · $390,000
List Price
$390,000
Assumable Rate
2.83%
Remaining Balance
$224,314
Equity Gap
$165,685
Loan Type
VAAdjust Your Scenario
$19,500
$19,500$165,685
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.83% + gap loan
$2,049/moAssumed loan: $925/mo
Gap financing: $1,124/mo
$293less per month with the assumable
Your Savings on This Property
80 Olympian, Colorado Springs · 2.83% VA vs 6.5% conventional
$293
per month
$3,510
per year
$105,300
over 30 years
$105,299
interest saved
How gap financing works: The equity gap ($165,685) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($146,185 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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