Loan Comparison: 2.99% vs 6.5%
4015 Hermitage, Colorado Springs, CO 80906 · 4bd/4ba · $1,200,000
List Price
$1,200,000
Assumable Rate
2.99%
Remaining Balance
$737,121
Equity Gap
$456,299
Loan Type
VAAdjust Your Scenario
$60,000
$60,000$456,299
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (VA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,206/moAssumable @ 2.99% + gap loan
$6,151/moAssumed loan: $3,104/mo
Gap financing: $3,047/mo
$1,055less per month with the assumable
Your Savings on This Property
4015 Hermitage, Colorado Springs · 2.99% VA vs 6.5% conventional
$1,055
per month
$12,655
per year
$379,664
over 30 years
$373,084
interest saved
How gap financing works: The equity gap ($456,299) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($60,000, 5% of purchase price) and a second mortgage for the rest ($396,299 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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