Loan Comparison: 2.87% vs 6.5%
7983 Superior Hill, Colorado Springs, CO 80908 · 5bd/4ba · $485,000
List Price
$485,000
Assumable Rate
2.87%
Remaining Balance
$196,406
Equity Gap
$288,594
Loan Type
VAAdjust Your Scenario
$24,250
$24,250$288,594
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 6.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.87% + gap loan
$2,847/moAssumed loan: $814/mo
Gap financing: $2,033/mo
$65less per month with the assumable
Your Savings on This Property
7983 Superior Hill, Colorado Springs · 2.87% VA vs 6.5% conventional
$65
per month
$784
per year
$23,518
over 30 years
$23,518
interest saved
How gap financing works: The equity gap ($288,594) 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 ($264,344 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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