Loan Comparison: 2.87% vs 6.5%
1401 Bates, Colorado Springs, CO 80909 · 4bd/2ba · $435,000
List Price
$435,000
Assumable Rate
2.87%
Remaining Balance
$364,860
Equity Gap
$83,439
Loan Type
VAAdjust Your Scenario
$21,750
$21,750$83,439
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 2.87% + gap loan
$1,987/moAssumed loan: $1,513/mo
Gap financing: $474/mo
$625less per month with the assumable
Your Savings on This Property
1401 Bates, Colorado Springs · 2.87% VA vs 6.5% conventional
$625
per month
$7,499
per year
$224,958
over 30 years
$238,257
interest saved
How gap financing works: The equity gap ($83,439) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($61,689 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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