Loan Comparison: 2.98% vs 6.5%
7655 Lark Bunting, Colorado Springs, CO 80908 · 4bd/4ba · $1,190,000
List Price
$1,190,000
Assumable Rate
2.98%
Remaining Balance
$299,135
Equity Gap
$890,865
Loan Type
VAAdjust Your Scenario
$59,500
$59,500$890,865
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 7.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$7,146/moAssumable @ 2.98% + gap loan
$7,650/moAssumed loan: $1,258/mo
Gap financing: $6,392/mo
Your Savings on This Property
7655 Lark Bunting, Colorado Springs · 2.98% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($890,865) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($59,500, 5% of purchase price) and a second mortgage for the rest ($831,365 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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