Loan Comparison: 2.89% vs 6.5%
5620 Shoup, Colorado Springs, CO 80908 · 3bd/2ba · $735,000
List Price
$735,000
Assumable Rate
2.89%
Remaining Balance
$539,103
Equity Gap
$195,896
Loan Type
VAAdjust Your Scenario
$36,750
$36,750$195,896
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 4.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,413/moAssumable @ 2.89% + gap loan
$3,465/moAssumed loan: $2,241/mo
Gap financing: $1,224/mo
$949less per month with the assumable
Your Savings on This Property
5620 Shoup, Colorado Springs · 2.89% VA vs 6.5% conventional
$949
per month
$11,384
per year
$341,531
over 30 years
$341,530
interest saved
How gap financing works: The equity gap ($195,896) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,750, 5% of purchase price) and a second mortgage for the rest ($159,146 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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