Loan Comparison: 2.83% vs 6.5%
1241 Grass Valley, Colorado Springs, CO 80906 · 4bd/3ba · $444,900
List Price
$444,900
Assumable Rate
2.83%
Remaining Balance
$304,632
Equity Gap
$140,267
Loan Type
VAAdjust Your Scenario
$22,245
$22,245$140,267
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,671/moAssumable @ 2.83% + gap loan
$2,164/moAssumed loan: $1,257/mo
Gap financing: $907/mo
$507less per month with the assumable
Your Savings on This Property
1241 Grass Valley, Colorado Springs · 2.83% VA vs 6.5% conventional
$507
per month
$6,089
per year
$182,664
over 30 years
$182,663
interest saved
How gap financing works: The equity gap ($140,267) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,245, 5% of purchase price) and a second mortgage for the rest ($118,022 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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