Loan Comparison: 2.96% vs 6.5%
6850 Kipling, Colorado Springs, CO 80911 · 5bd/3ba · $410,000
List Price
$410,000
Assumable Rate
2.96%
Remaining Balance
$386,835
Equity Gap
$23,165
Loan Type
VAAdjust Your Scenario
$20,500
$20,500$23,165
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.96% + gap loan
$1,643/moAssumed loan: $1,623/mo
Gap financing: $20/mo
$819less per month with the assumable
Your Savings on This Property
6850 Kipling, Colorado Springs · 2.96% VA vs 6.5% conventional
$819
per month
$9,826
per year
$294,781
over 30 years
$294,781
interest saved
How gap financing works: The equity gap ($23,165) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($2,665 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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