Loan Comparison: 2.98% vs 6.5%
7031 Thorn Brush, Colorado Springs, CO 80923 · 4bd/3ba · $534,900
List Price
$534,900
Assumable Rate
2.98%
Remaining Balance
$360,539
Equity Gap
$174,361
Loan Type
VAAdjust Your Scenario
$26,745
$26,745$174,361
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,212/moAssumable @ 2.98% + gap loan
$2,651/moAssumed loan: $1,516/mo
Gap financing: $1,135/mo
$561less per month with the assumable
Your Savings on This Property
7031 Thorn Brush, Colorado Springs · 2.98% VA vs 6.5% conventional
$561
per month
$6,728
per year
$201,847
over 30 years
$201,847
interest saved
How gap financing works: The equity gap ($174,361) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,745, 5% of purchase price) and a second mortgage for the rest ($147,616 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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