Loan Comparison: 2.68% vs 6.5%
1406 Martin, Colorado Springs, CO 80915 · 4bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.68%
Remaining Balance
$316,442
Equity Gap
$80,044
Loan Type
VAAdjust Your Scenario
$19,750
$19,750$80,044
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (VA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.68% + gap loan
$1,744/moAssumed loan: $1,280/mo
Gap financing: $464/mo
$628less per month with the assumable
Your Savings on This Property
1406 Martin, Colorado Springs · 2.68% VA vs 6.5% conventional
$628
per month
$7,537
per year
$226,110
over 30 years
$227,596
interest saved
How gap financing works: The equity gap ($80,044) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($60,294 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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