Loan Comparison: 2.89% vs 6.5%
2131 Doniphan, Colorado Springs, CO 80910 · 3bd/1ba · $310,000
List Price
$310,000
Assumable Rate
2.89%
Remaining Balance
$242,529
Equity Gap
$77,960
Loan Type
VAAdjust Your Scenario
$15,500
$15,500$77,960
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.89% + gap loan
$1,488/moAssumed loan: $1,008/mo
Gap financing: $480/mo
$373less per month with the assumable
Your Savings on This Property
2131 Doniphan, Colorado Springs · 2.89% VA vs 6.5% conventional
$373
per month
$4,476
per year
$134,279
over 30 years
$144,768
interest saved
How gap financing works: The equity gap ($77,960) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($62,460 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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