Loan Comparison: 2.98% vs 6.5%
6233 Decker, Colorado Springs, CO 80925 · 5bd/3ba · $470,000
List Price
$470,000
Assumable Rate
2.98%
Remaining Balance
$410,540
Equity Gap
$59,459
Loan Type
VAAdjust Your Scenario
$23,500
$23,500$59,459
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 2.98% + gap loan
$2,003/moAssumed loan: $1,726/mo
Gap financing: $276/mo
$819less per month with the assumable
Your Savings on This Property
6233 Decker, Colorado Springs · 2.98% VA vs 6.5% conventional
$819
per month
$9,831
per year
$294,934
over 30 years
$294,933
interest saved
How gap financing works: The equity gap ($59,459) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($35,959 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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