Loan Comparison: 2.89% vs 6.5%
7872 Callendale, Colorado Springs, CO 80908 · 5bd/4ba · $620,000
List Price
$620,000
Assumable Rate
2.89%
Remaining Balance
$379,760
Equity Gap
$240,239
Loan Type
VAAdjust Your Scenario
$31,000
$31,000$240,239
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,723/moAssumable @ 2.89% + gap loan
$3,188/moAssumed loan: $1,579/mo
Gap financing: $1,609/mo
$535less per month with the assumable
Your Savings on This Property
7872 Callendale, Colorado Springs · 2.89% VA vs 6.5% conventional
$535
per month
$6,424
per year
$192,734
over 30 years
$192,733
interest saved
How gap financing works: The equity gap ($240,239) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,000, 5% of purchase price) and a second mortgage for the rest ($209,239 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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