Loan Comparison: 2.98% vs 6.5%
7031 Thorn Brush, Colorado Springs, CO 80923 · 4bd/3ba · $544,900
List Price
$544,900
Assumable Rate
2.98%
Remaining Balance
$361,322
Equity Gap
$184,361
Loan Type
VAAdjust Your Scenario
$27,245
$27,245$184,361
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,272/moAssumable @ 2.98% + gap loan
$2,728/moAssumed loan: $1,519/mo
Gap financing: $1,208/mo
$544less per month with the assumable
Your Savings on This Property
7031 Thorn Brush, Colorado Springs · 2.98% VA vs 6.5% conventional
$544
per month
$6,533
per year
$195,981
over 30 years
$196,764
interest saved
How gap financing works: The equity gap ($184,361) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,245, 5% of purchase price) and a second mortgage for the rest ($157,116 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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