Loan Comparison: 2.35% vs 6.5%
7425 Painted Rock, Colorado Springs, CO 80911 · 6bd/3ba · $479,000
List Price
$479,000
Assumable Rate
2.35%
Remaining Balance
$283,409
Equity Gap
$239,580
Loan Type
VAAdjust Your Scenario
$23,950
$23,950$239,580
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.35% (VA)
Blended Rate: 5.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 2.35% + gap loan
$2,756/moAssumed loan: $1,098/mo
Gap financing: $1,658/mo
$120less per month with the assumable
Your Savings on This Property
7425 Painted Rock, Colorado Springs · 2.35% VA vs 6.5% conventional
$120
per month
$1,445
per year
$43,339
over 30 years
$87,328
interest saved
How gap financing works: The equity gap ($239,580) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($215,630 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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