Loan Comparison: 2.94% vs 6.5%
5540 Parapet, Colorado Springs, CO 80918 · 6bd/6ba · $1,720,000
List Price
$1,720,000
Assumable Rate
2.94%
Remaining Balance
$818,883
Equity Gap
$901,117
Loan Type
VAAdjust Your Scenario
$86,000
$86,000$901,117
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$10,328/moAssumable @ 2.94% + gap loan
$9,694/moAssumed loan: $3,426/mo
Gap financing: $6,268/mo
$634less per month with the assumable
Your Savings on This Property
5540 Parapet, Colorado Springs · 2.94% VA vs 6.5% conventional
$634
per month
$7,613
per year
$228,400
over 30 years
$228,400
interest saved
How gap financing works: The equity gap ($901,117) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($86,000, 5% of purchase price) and a second mortgage for the rest ($815,117 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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