Loan Comparison: 2.89% vs 6.5%
2584 Reed Grass, Colorado Springs, CO 80915 · 4bd/4ba · $499,900
List Price
$499,900
Assumable Rate
2.89%
Remaining Balance
$341,765
Equity Gap
$157,344
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$157,344
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.89% + gap loan
$2,438/moAssumed loan: $1,421/mo
Gap financing: $1,018/mo
$563less per month with the assumable
Your Savings on This Property
2584 Reed Grass, Colorado Springs · 2.89% VA vs 6.5% conventional
$563
per month
$6,760
per year
$202,815
over 30 years
$202,024
interest saved
How gap financing works: The equity gap ($157,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($132,349 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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