Loan Comparison: 2.79% vs 6.5%
11183 Faint Wind, Colorado Springs, CO 80908 · 4bd/3ba · $719,000
List Price
$719,000
Assumable Rate
2.79%
Remaining Balance
$538,973
Equity Gap
$182,440
Loan Type
VAAdjust Your Scenario
$35,950
$35,950$182,440
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.79% (VA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,317/moAssumable @ 2.79% + gap loan
$3,338/moAssumed loan: $2,212/mo
Gap financing: $1,126/mo
$979less per month with the assumable
Your Savings on This Property
11183 Faint Wind, Colorado Springs · 2.79% VA vs 6.5% conventional
$979
per month
$11,751
per year
$352,517
over 30 years
$354,930
interest saved
How gap financing works: The equity gap ($182,440) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,950, 5% of purchase price) and a second mortgage for the rest ($146,490 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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