Loan Comparison: 2.87% vs 6.5%
625 Brinn, Colorado Springs, CO 80911 · 4bd/0ba · $405,000
List Price
$405,000
Assumable Rate
2.87%
Remaining Balance
$278,114
Equity Gap
$127,498
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$127,498
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 2.87% + gap loan
$1,978/moAssumed loan: $1,153/mo
Gap financing: $825/mo
$454less per month with the assumable
Your Savings on This Property
625 Brinn, Colorado Springs · 2.87% VA vs 6.5% conventional
$454
per month
$5,449
per year
$163,478
over 30 years
$164,090
interest saved
How gap financing works: The equity gap ($127,498) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($107,248 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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