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
$337,936
Equity Gap
$562,063
Loan Type
VAAdjust Your Scenario
$45,000
$45,000$562,063
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 6.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,404/moAssumable @ 2.98% + gap loan
$5,397/moAssumed loan: $1,421/mo
Gap financing: $3,976/mo
$7less per month with the assumable
Your Savings on This Property
3530 Conecrest, Colorado Springs · 2.98% VA vs 6.5% conventional
$7
per month
$88
per year
$2,630
over 30 years
$2,629
interest saved
How gap financing works: The equity gap ($562,063) 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 ($517,063 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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