Loan Comparison: 2.94% vs 6.5%
3130 Tudela, Colorado Springs, CO 80916 · 4bd/3ba · $399,000
List Price
$399,000
Assumable Rate
2.94%
Remaining Balance
$342,101
Equity Gap
$56,899
Loan Type
VAAdjust Your Scenario
$19,950
$19,950$56,899
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 3.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.94% + gap loan
$1,715/moAssumed loan: $1,431/mo
Gap financing: $284/mo
$680less per month with the assumable
Your Savings on This Property
3130 Tudela, Colorado Springs · 2.94% VA vs 6.5% conventional
$680
per month
$8,166
per year
$244,974
over 30 years
$244,974
interest saved
How gap financing works: The equity gap ($56,899) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($36,949 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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