Loan Comparison: 2.83% vs 6.5%
6105 Fiddle, Colorado Springs, CO 80925 · 6bd/4ba · $510,000
List Price
$510,000
Assumable Rate
2.83%
Remaining Balance
$297,017
Equity Gap
$212,982
Loan Type
VAAdjust Your Scenario
$25,500
$25,500$212,982
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.83% + gap loan
$2,667/moAssumed loan: $1,225/mo
Gap financing: $1,442/mo
$396less per month with the assumable
Your Savings on This Property
6105 Fiddle, Colorado Springs · 2.83% VA vs 6.5% conventional
$396
per month
$4,748
per year
$142,426
over 30 years
$142,425
interest saved
How gap financing works: The equity gap ($212,982) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($187,482 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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