Loan Comparison: 2.96% vs 6.5%
995 Diamond Rim, Colorado Springs, CO 80921 · 5bd/4ba · $699,900
List Price
$699,900
Assumable Rate
2.96%
Remaining Balance
$436,152
Equity Gap
$263,748
Loan Type
VAAdjust Your Scenario
$34,995
$34,995$263,748
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 2.96% + gap loan
$3,588/moAssumed loan: $1,829/mo
Gap financing: $1,759/mo
$614less per month with the assumable
Your Savings on This Property
995 Diamond Rim, Colorado Springs · 2.96% VA vs 6.5% conventional
$614
per month
$7,372
per year
$221,148
over 30 years
$221,148
interest saved
How gap financing works: The equity gap ($263,748) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,995, 5% of purchase price) and a second mortgage for the rest ($228,753 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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