Loan Comparison: 2.84% vs 6.5%
6302 Bearcat, Colorado Springs, CO 80925 · 3bd/3ba · $459,000
List Price
$459,000
Assumable Rate
2.84%
Remaining Balance
$167,930
Equity Gap
$290,327
Loan Type
VAAdjust Your Scenario
$22,950
$22,950$290,327
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 6.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,756/moAssumable @ 2.84% + gap loan
$2,749/moAssumed loan: $694/mo
Gap financing: $2,056/mo
$7less per month with the assumable
Your Savings on This Property
6302 Bearcat, Colorado Springs · 2.84% VA vs 6.5% conventional
$7
per month
$80
per year
$2,392
over 30 years
$1,649
interest saved
How gap financing works: The equity gap ($290,327) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,950, 5% of purchase price) and a second mortgage for the rest ($267,377 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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