Loan Comparison: 2.98% vs 6.5%
5324 Sky Top, Colorado Springs, CO 80918 · 3bd/3ba · $485,000
List Price
$485,000
Assumable Rate
2.98%
Remaining Balance
$394,859
Equity Gap
$90,140
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$90,140
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.98% + gap loan
$2,167/moAssumed loan: $1,660/mo
Gap financing: $507/mo
$745less per month with the assumable
Your Savings on This Property
5324 Sky Top, Colorado Springs · 2.98% VA vs 6.5% conventional
$745
per month
$8,942
per year
$268,247
over 30 years
$268,246
interest saved
How gap financing works: The equity gap ($90,140) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($65,890 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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