Loan Comparison: 2.98% vs 6.5%
5324 Sky Top, Colorado Springs, CO 80918 · 3bd/3ba · $465,000
List Price
$465,000
Assumable Rate
2.98%
Remaining Balance
$394,000
Equity Gap
$70,999
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$70,999
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.98% + gap loan
$2,024/moAssumed loan: $1,657/mo
Gap financing: $367/mo
$768less per month with the assumable
Your Savings on This Property
5324 Sky Top, Colorado Springs · 2.98% VA vs 6.5% conventional
$768
per month
$9,218
per year
$276,530
over 30 years
$276,529
interest saved
How gap financing works: The equity gap ($70,999) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($47,749 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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