Loan Comparison: 2.89% vs 6.5%
8742 Windy Plains, Colorado Springs, CO 80927 · 4bd/4ba · $550,000
List Price
$550,000
Assumable Rate
2.89%
Remaining Balance
$337,509
Equity Gap
$212,491
Loan Type
VAAdjust Your Scenario
$27,500
$27,500$212,491
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 2.89% + gap loan
$2,825/moAssumed loan: $1,403/mo
Gap financing: $1,422/mo
$477less per month with the assumable
Your Savings on This Property
8742 Windy Plains, Colorado Springs · 2.89% VA vs 6.5% conventional
$477
per month
$5,726
per year
$171,766
over 30 years
$171,766
interest saved
How gap financing works: The equity gap ($212,491) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($184,991 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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