Loan Comparison: 2.98% vs 6.5%
8391 Hardwood, Colorado Springs, CO 80908 · 4bd/3ba · $490,000
List Price
$490,000
Assumable Rate
2.98%
Remaining Balance
$427,941
Equity Gap
$62,058
Loan Type
VAAdjust Your Scenario
$24,500
$24,500$62,058
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.98% + gap loan
$2,088/moAssumed loan: $1,800/mo
Gap financing: $289/mo
$854less per month with the assumable
Your Savings on This Property
8391 Hardwood, Colorado Springs · 2.98% VA vs 6.5% conventional
$854
per month
$10,247
per year
$307,398
over 30 years
$307,397
interest saved
How gap financing works: The equity gap ($62,058) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($37,558 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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