Loan Comparison: 2.96% vs 6.5%
5618 Makalu, Colorado Springs, CO 80924 · 5bd/3ba · $585,000
List Price
$585,000
Assumable Rate
2.96%
Remaining Balance
$471,510
Equity Gap
$113,490
Loan Type
VAAdjust Your Scenario
$29,250
$29,250$113,490
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 3.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.96% + gap loan
$2,625/moAssumed loan: $1,978/mo
Gap financing: $648/mo
$887less per month with the assumable
Your Savings on This Property
5618 Makalu, Colorado Springs · 2.96% VA vs 6.5% conventional
$887
per month
$10,647
per year
$319,406
over 30 years
$319,406
interest saved
How gap financing works: The equity gap ($113,490) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($84,240 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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