Loan Comparison: 2.96% vs 6.5%
1004 Arcturus, Colorado Springs, CO 80905 · 2bd/1ba · $499,000
List Price
$499,000
Assumable Rate
2.96%
Remaining Balance
$377,625
Equity Gap
$121,375
Loan Type
VAAdjust Your Scenario
$24,950
$24,950$121,375
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 2.96% + gap loan
$2,325/moAssumed loan: $1,584/mo
Gap financing: $741/mo
$671less per month with the assumable
Your Savings on This Property
1004 Arcturus, Colorado Springs · 2.96% VA vs 6.5% conventional
$671
per month
$8,051
per year
$241,541
over 30 years
$241,541
interest saved
How gap financing works: The equity gap ($121,375) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($96,425 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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