Loan Comparison: 2.98% vs 6.5%
6658 Edmondstown, Colorado Springs, CO 80923 · 3bd/3ba · $535,000
List Price
$535,000
Assumable Rate
2.98%
Remaining Balance
$351,049
Equity Gap
$228,951
Loan Type
VAAdjust Your Scenario
$26,750
$26,750$228,951
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 5.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,212/moAssumable @ 2.98% + gap loan
$3,031/moAssumed loan: $1,476/mo
Gap financing: $1,555/mo
$181less per month with the assumable
Your Savings on This Property
6658 Edmondstown, Colorado Springs · 2.98% VA vs 6.5% conventional
$181
per month
$2,178
per year
$65,334
over 30 years
$110,334
interest saved
How gap financing works: The equity gap ($228,951) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,750, 5% of purchase price) and a second mortgage for the rest ($202,201 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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