Loan Comparison: 2.87% vs 6.5%
7032 New Meadow, Colorado Springs, CO 80923 · 3bd/3ba · $499,000
List Price
$499,000
Assumable Rate
2.87%
Remaining Balance
$363,525
Equity Gap
$135,474
Loan Type
VAAdjust Your Scenario
$24,950
$24,950$135,474
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 2.87% + gap loan
$2,357/moAssumed loan: $1,507/mo
Gap financing: $850/mo
$639less per month with the assumable
Your Savings on This Property
7032 New Meadow, Colorado Springs · 2.87% VA vs 6.5% conventional
$639
per month
$7,671
per year
$230,118
over 30 years
$230,117
interest saved
How gap financing works: The equity gap ($135,474) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($110,524 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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