Loan Comparison: 2.98% vs 6.5%
1146 Terrace, Colorado Springs, CO 80904 · 4bd/3ba · $699,000
List Price
$699,000
Assumable Rate
2.98%
Remaining Balance
$428,730
Equity Gap
$271,203
Loan Type
VAAdjust Your Scenario
$34,950
$34,950$271,203
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 2.98% + gap loan
$3,620/moAssumed loan: $1,803/mo
Gap financing: $1,817/mo
$578less per month with the assumable
Your Savings on This Property
1146 Terrace, Colorado Springs · 2.98% VA vs 6.5% conventional
$578
per month
$6,933
per year
$207,988
over 30 years
$208,921
interest saved
How gap financing works: The equity gap ($271,203) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($236,253 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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