Loan Comparison: 2.84% vs 6.5%
1516 Corona, Colorado Springs, CO 80907 · 4bd/3ba · $925,000
List Price
$925,000
Assumable Rate
2.84%
Remaining Balance
$447,927
Equity Gap
$478,063
Loan Type
VAAdjust Your Scenario
$46,250
$46,250$478,063
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 5.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,554/moAssumable @ 2.84% + gap loan
$5,170/moAssumed loan: $1,850/mo
Gap financing: $3,320/mo
$384less per month with the assumable
Your Savings on This Property
1516 Corona, Colorado Springs · 2.84% VA vs 6.5% conventional
$384
per month
$4,608
per year
$138,234
over 30 years
$139,224
interest saved
How gap financing works: The equity gap ($478,063) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($46,250, 5% of purchase price) and a second mortgage for the rest ($431,813 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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