Loan Comparison: 2.91% vs 6.5%
11673 Spectacular Bid, Colorado Springs, CO 80921 · 3bd/3ba · $730,000
List Price
$730,000
Assumable Rate
2.91%
Remaining Balance
$314,471
Equity Gap
$416,260
Loan Type
VAAdjust Your Scenario
$36,500
$36,500$416,260
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.91% (VA)
Blended Rate: 5.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,383/moAssumable @ 2.91% + gap loan
$4,231/moAssumed loan: $1,311/mo
Gap financing: $2,920/mo
$153less per month with the assumable
Your Savings on This Property
11673 Spectacular Bid, Colorado Springs · 2.91% VA vs 6.5% conventional
$153
per month
$1,833
per year
$54,993
over 30 years
$55,724
interest saved
How gap financing works: The equity gap ($416,260) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,500, 5% of purchase price) and a second mortgage for the rest ($379,760 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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