Loan Comparison: 2.87% vs 6.5%
8339 Glendive, Colorado Springs, CO 80908 · 4bd/3ba · $709,500
List Price
$709,500
Assumable Rate
2.87%
Remaining Balance
$455,395
Equity Gap
$254,104
Loan Type
VAAdjust Your Scenario
$35,475
$35,475$254,104
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,260/moAssumable @ 2.87% + gap loan
$3,569/moAssumed loan: $1,888/mo
Gap financing: $1,681/mo
$691less per month with the assumable
Your Savings on This Property
8339 Glendive, Colorado Springs · 2.87% VA vs 6.5% conventional
$691
per month
$8,293
per year
$248,777
over 30 years
$248,776
interest saved
How gap financing works: The equity gap ($254,104) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,475, 5% of purchase price) and a second mortgage for the rest ($218,629 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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