Loan Comparison: 2.89% vs 6.5%
1239 Martin, Colorado Springs, CO 80915 · 4bd/3ba · $405,000
List Price
$405,000
Assumable Rate
2.89%
Remaining Balance
$305,068
Equity Gap
$99,225
Loan Type
VAAdjust Your Scenario
$20,250
$20,250$99,225
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 2.89% + gap loan
$1,875/moAssumed loan: $1,268/mo
Gap financing: $607/mo
$556less per month with the assumable
Your Savings on This Property
1239 Martin, Colorado Springs · 2.89% VA vs 6.5% conventional
$556
per month
$6,678
per year
$200,333
over 30 years
$199,626
interest saved
How gap financing works: The equity gap ($99,225) 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 ($78,975 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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