Loan Comparison: 2.9% vs 6.5%
8685 Boxelder, Colorado Springs, CO 80920 · 4bd/3ba · $474,500
List Price
$474,500
Assumable Rate
2.9%
Remaining Balance
$208,505
Equity Gap
$266,447
Loan Type
VAAdjust Your Scenario
$23,725
$23,725$266,447
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 5.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,849/moAssumable @ 2.9% + gap loan
$2,734/moAssumed loan: $868/mo
Gap financing: $1,866/mo
$115less per month with the assumable
Your Savings on This Property
8685 Boxelder, Colorado Springs · 2.9% VA vs 6.5% conventional
$115
per month
$1,380
per year
$41,408
over 30 years
$41,860
interest saved
How gap financing works: The equity gap ($266,447) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,725, 5% of purchase price) and a second mortgage for the rest ($242,722 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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