Loan Comparison: 2.98% vs 6.5%
6305 Armdale, Colorado Springs, CO 80927 · 2bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.98%
Remaining Balance
$335,513
Equity Gap
$124,486
Loan Type
VAAdjust Your Scenario
$23,000
$23,000$124,486
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.98% + gap loan
$2,191/moAssumed loan: $1,411/mo
Gap financing: $780/mo
$571less per month with the assumable
Your Savings on This Property
6305 Armdale, Colorado Springs · 2.98% VA vs 6.5% conventional
$571
per month
$6,851
per year
$205,516
over 30 years
$205,515
interest saved
How gap financing works: The equity gap ($124,486) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($101,486 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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