Loan Comparison: 2.94% vs 6.5%
5978 Cumbre Vista, Colorado Springs, CO 80924 · 5bd/4ba · $540,000
List Price
$540,000
Assumable Rate
2.94%
Remaining Balance
$235,486
Equity Gap
$304,514
Loan Type
VAAdjust Your Scenario
$27,000
$27,000$304,514
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 2.94% + gap loan
$3,119/moAssumed loan: $985/mo
Gap financing: $2,134/mo
$123less per month with the assumable
Your Savings on This Property
5978 Cumbre Vista, Colorado Springs · 2.94% VA vs 6.5% conventional
$123
per month
$1,481
per year
$44,443
over 30 years
$44,443
interest saved
How gap financing works: The equity gap ($304,514) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($277,514 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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