Loan Comparison: 2.96% vs 6.5%
8890 Bittercress, Colorado Springs, CO 80925 · 5bd/3ba · $625,000
List Price
$625,000
Assumable Rate
2.96%
Remaining Balance
$436,053
Equity Gap
$188,946
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$188,946
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.96% + gap loan
$3,042/moAssumed loan: $1,829/mo
Gap financing: $1,213/mo
$711less per month with the assumable
Your Savings on This Property
8890 Bittercress, Colorado Springs · 2.96% VA vs 6.5% conventional
$711
per month
$8,536
per year
$256,080
over 30 years
$256,079
interest saved
How gap financing works: The equity gap ($188,946) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($157,696 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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