Loan Comparison: 2.83% vs 6.5%
5707 Flicka, Colorado Springs, CO 80924 · 4bd/3ba · $750,000
List Price
$750,000
Assumable Rate
2.83%
Remaining Balance
$389,940
Equity Gap
$360,059
Loan Type
VAAdjust Your Scenario
$37,500
$37,500$360,059
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.83% + gap loan
$4,089/moAssumed loan: $1,608/mo
Gap financing: $2,480/mo
$415less per month with the assumable
Your Savings on This Property
5707 Flicka, Colorado Springs · 2.83% VA vs 6.5% conventional
$415
per month
$4,978
per year
$149,334
over 30 years
$149,333
interest saved
How gap financing works: The equity gap ($360,059) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($322,559 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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