Loan Comparison: 2.89% vs 6.5%
1239 Martin, Colorado Springs, CO 80915 · 4bd/3ba · $424,888
List Price
$424,888
Assumable Rate
2.89%
Remaining Balance
$319,696
Equity Gap
$119,113
Loan Type
VAAdjust Your Scenario
$21,244
$21,244$119,113
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 2.89% + gap loan
$2,081/moAssumed loan: $1,329/mo
Gap financing: $753/mo
$470less per month with the assumable
Your Savings on This Property
1239 Martin, Colorado Springs · 2.89% VA vs 6.5% conventional
$470
per month
$5,638
per year
$169,133
over 30 years
$183,055
interest saved
How gap financing works: The equity gap ($119,113) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,244, 5% of purchase price) and a second mortgage for the rest ($97,869 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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