Loan Comparison: 2.84% vs 6.5%
6040 San Mateo, Colorado Springs, CO 80911 · 3bd/4ba · $500,000
List Price
$500,000
Assumable Rate
2.84%
Remaining Balance
$357,515
Equity Gap
$142,485
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$142,485
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.84% + gap loan
$2,380/moAssumed loan: $1,477/mo
Gap financing: $903/mo
$622less per month with the assumable
Your Savings on This Property
6040 San Mateo, Colorado Springs · 2.84% VA vs 6.5% conventional
$622
per month
$7,468
per year
$224,043
over 30 years
$224,043
interest saved
How gap financing works: The equity gap ($142,485) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($117,485 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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