Loan Comparison: 2.84% vs 6.5%
1142 Dancing Horse, Colorado Springs, CO 80919 · 3bd/3ba · $548,000
List Price
$548,000
Assumable Rate
2.84%
Remaining Balance
$334,137
Equity Gap
$210,744
Loan Type
VAAdjust Your Scenario
$27,400
$27,400$210,744
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,291/moAssumable @ 2.84% + gap loan
$2,790/moAssumed loan: $1,380/mo
Gap financing: $1,410/mo
$501less per month with the assumable
Your Savings on This Property
1142 Dancing Horse, Colorado Springs · 2.84% VA vs 6.5% conventional
$501
per month
$6,009
per year
$180,260
over 30 years
$177,141
interest saved
How gap financing works: The equity gap ($210,744) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,400, 5% of purchase price) and a second mortgage for the rest ($183,344 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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