Loan Comparison: 2.81% vs 6.5%
2293 Shady Aspen, Colorado Springs, CO 80921 · 3bd/3ba · $425,000
List Price
$425,000
Assumable Rate
2.81%
Remaining Balance
$237,559
Equity Gap
$187,441
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$187,441
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (VA)
Blended Rate: 5.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.81% + gap loan
$2,255/moAssumed loan: $977/mo
Gap financing: $1,278/mo
$297less per month with the assumable
Your Savings on This Property
2293 Shady Aspen, Colorado Springs · 2.81% VA vs 6.5% conventional
$297
per month
$3,561
per year
$106,823
over 30 years
$106,823
interest saved
How gap financing works: The equity gap ($187,441) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($166,191 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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