Loan Comparison: 2.83% vs 6.5%
1241 Grass Valley, Colorado Springs, CO 80906 · 4bd/3ba · $449,900
List Price
$449,900
Assumable Rate
2.83%
Remaining Balance
$331,771
Equity Gap
$144,553
Loan Type
VAAdjust Your Scenario
$22,495
$22,495$144,553
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,701/moAssumable @ 2.83% + gap loan
$2,307/moAssumed loan: $1,369/mo
Gap financing: $939/mo
$394less per month with the assumable
Your Savings on This Property
1241 Grass Valley, Colorado Springs · 2.83% VA vs 6.5% conventional
$394
per month
$4,733
per year
$142,000
over 30 years
$168,424
interest saved
How gap financing works: The equity gap ($144,553) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,495, 5% of purchase price) and a second mortgage for the rest ($122,058 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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