Loan Comparison: 2.96% vs 6.5%
3131 Hearthridge, Colorado Springs, CO 80918 · 2bd/2ba · $295,000
List Price
$295,000
Assumable Rate
2.96%
Remaining Balance
$202,988
Equity Gap
$92,903
Loan Type
VAAdjust Your Scenario
$14,750
$14,750$92,903
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,771/moAssumable @ 2.96% + gap loan
$1,452/moAssumed loan: $851/mo
Gap financing: $601/mo
$319less per month with the assumable
Your Savings on This Property
3131 Hearthridge, Colorado Springs · 2.96% VA vs 6.5% conventional
$319
per month
$3,828
per year
$114,843
over 30 years
$115,734
interest saved
How gap financing works: The equity gap ($92,903) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,750, 5% of purchase price) and a second mortgage for the rest ($78,153 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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