Loan Comparison: 2.2% vs 6.5%
2242 Stepping Stones, Colorado Springs, CO 80904 · 2bd/1ba · $239,750
List Price
$239,750
Assumable Rate
2.2%
Remaining Balance
$91,892
Equity Gap
$147,857
Loan Type
VAAdjust Your Scenario
$11,988
$11,988$147,857
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.2% (VA)
Blended Rate: 5.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,440/moAssumable @ 2.2% + gap loan
$1,394/moAssumed loan: $349/mo
Gap financing: $1,045/mo
$46less per month with the assumable
Your Savings on This Property
2242 Stepping Stones, Colorado Springs · 2.2% VA vs 6.5% conventional
$46
per month
$552
per year
$16,554
over 30 years
$16,553
interest saved
How gap financing works: The equity gap ($147,857) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,988, 5% of purchase price) and a second mortgage for the rest ($135,869 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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