Loan Comparison: 2.94% vs 6.5%
609 Cheyenne, Colorado Springs, CO 80905 · 3bd/2ba · $600,000
List Price
$600,000
Assumable Rate
2.94%
Remaining Balance
$401,589
Equity Gap
$199,332
Loan Type
VAAdjust Your Scenario
$30,000
$30,000$199,332
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.94% + gap loan
$2,982/moAssumed loan: $1,680/mo
Gap financing: $1,302/mo
$621less per month with the assumable
Your Savings on This Property
609 Cheyenne, Colorado Springs · 2.94% VA vs 6.5% conventional
$621
per month
$7,447
per year
$223,424
over 30 years
$224,345
interest saved
How gap financing works: The equity gap ($199,332) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($169,332 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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