Loan Comparison: 2.87% vs 6.5%
2656 Gobi, Colorado Springs, CO 80939 · 3bd/3ba · $449,000
List Price
$449,000
Assumable Rate
2.87%
Remaining Balance
$461,314
Equity Gap
$100,282
Loan Type
VAAdjust Your Scenario
$22,450
$22,450$100,282
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,696/moAssumable @ 2.87% + gap loan
$2,511/moAssumed loan: $1,913/mo
Gap financing: $598/mo
$185less per month with the assumable
Your Savings on This Property
2656 Gobi, Colorado Springs · 2.87% VA vs 6.5% conventional
$185
per month
$2,219
per year
$66,564
over 30 years
$179,160
interest saved
How gap financing works: The equity gap ($100,282) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,450, 5% of purchase price) and a second mortgage for the rest ($77,832 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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