Loan Comparison: 2.99% vs 6.5%
4015 Hermitage, Colorado Springs, CO 80906 · 4bd/4ba · $1,295,000
List Price
$1,295,000
Assumable Rate
2.99%
Remaining Balance
$740,419
Equity Gap
$554,581
Loan Type
VAAdjust Your Scenario
$64,750
$64,750$554,581
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,776/moAssumable @ 2.99% + gap loan
$6,884/moAssumed loan: $3,118/mo
Gap financing: $3,766/mo
$892less per month with the assumable
Your Savings on This Property
4015 Hermitage, Colorado Springs · 2.99% VA vs 6.5% conventional
$892
per month
$10,704
per year
$321,118
over 30 years
$321,118
interest saved
How gap financing works: The equity gap ($554,581) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($64,750, 5% of purchase price) and a second mortgage for the rest ($489,831 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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