Loan Comparison: 2.94% vs 6.5%
1012 Iowa, Colorado Springs, CO 80909 · 6bd/4ba · $599,000
List Price
$599,000
Assumable Rate
2.94%
Remaining Balance
$516,381
Equity Gap
$82,619
Loan Type
VAAdjust Your Scenario
$29,950
$29,950$82,619
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,597/moAssumable @ 2.94% + gap loan
$2,565/moAssumed loan: $2,160/mo
Gap financing: $405/mo
$1,031less per month with the assumable
Your Savings on This Property
1012 Iowa, Colorado Springs · 2.94% VA vs 6.5% conventional
$1,031
per month
$12,377
per year
$371,302
over 30 years
$371,302
interest saved
How gap financing works: The equity gap ($82,619) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,950, 5% of purchase price) and a second mortgage for the rest ($52,669 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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