Loan Comparison: 2.83% vs 6.5%
9539 Lizard Rock, Colorado Springs, CO 80924 · 4bd/4ba · $699,500
List Price
$699,500
Assumable Rate
2.83%
Remaining Balance
$266,954
Equity Gap
$432,545
Loan Type
VAAdjust Your Scenario
$34,975
$34,975$432,545
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 6.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,200/moAssumable @ 2.83% + gap loan
$4,158/moAssumed loan: $1,101/mo
Gap financing: $3,057/mo
$42less per month with the assumable
Your Savings on This Property
9539 Lizard Rock, Colorado Springs · 2.83% VA vs 6.5% conventional
$42
per month
$505
per year
$15,163
over 30 years
$15,162
interest saved
How gap financing works: The equity gap ($432,545) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,975, 5% of purchase price) and a second mortgage for the rest ($397,570 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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