Loan Comparison: 2.94% vs 6.5%
5375 Old Star Ranch, Colorado Springs, CO 80906 · 5bd/4ba · $1,065,000
List Price
$1,065,000
Assumable Rate
2.94%
Remaining Balance
$779,002
Equity Gap
$285,998
Loan Type
VAAdjust Your Scenario
$53,250
$53,250$285,998
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,395/moAssumable @ 2.94% + gap loan
$5,049/moAssumed loan: $3,259/mo
Gap financing: $1,790/mo
$1,346less per month with the assumable
Your Savings on This Property
5375 Old Star Ranch, Colorado Springs · 2.94% VA vs 6.5% conventional
$1,346
per month
$16,154
per year
$484,620
over 30 years
$484,620
interest saved
How gap financing works: The equity gap ($285,998) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($53,250, 5% of purchase price) and a second mortgage for the rest ($232,748 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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