Loan Comparison: 2.98% vs 6.5%
3530 Conecrest, Colorado Springs, CO 80908 · 4bd/4ba · $900,000
List Price
$900,000
Assumable Rate
2.98%
Remaining Balance
$338,674
Equity Gap
$561,326
Loan Type
VAAdjust Your Scenario
$45,000
$45,000$561,326
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 6.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,404/moAssumable @ 2.98% + gap loan
$5,394/moAssumed loan: $1,424/mo
Gap financing: $3,970/mo
$10less per month with the assumable
Your Savings on This Property
3530 Conecrest, Colorado Springs · 2.98% VA vs 6.5% conventional
$10
per month
$118
per year
$3,553
over 30 years
$3,553
interest saved
How gap financing works: The equity gap ($561,326) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,000, 5% of purchase price) and a second mortgage for the rest ($516,326 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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