Loan Comparison: 2.84% vs 6.5%
6575 Lange, Colorado Springs, CO 80918 · 4bd/3ba · $440,000
List Price
$440,000
Assumable Rate
2.84%
Remaining Balance
$401,628
Equity Gap
$40,149
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$40,149
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 3.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.84% + gap loan
$1,798/moAssumed loan: $1,659/mo
Gap financing: $140/mo
$844less per month with the assumable
Your Savings on This Property
6575 Lange, Colorado Springs · 2.84% VA vs 6.5% conventional
$844
per month
$10,124
per year
$303,723
over 30 years
$305,500
interest saved
How gap financing works: The equity gap ($40,149) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($18,149 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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