Loan Comparison: 2.87% vs 6.5%
2309 Murray, Colorado Springs, CO 80915 · 4bd/3ba · $565,000
List Price
$565,000
Assumable Rate
2.87%
Remaining Balance
$393,248
Equity Gap
$173,492
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$173,492
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.87% + gap loan
$2,747/moAssumed loan: $1,631/mo
Gap financing: $1,117/mo
$645less per month with the assumable
Your Savings on This Property
2309 Murray, Colorado Springs · 2.87% VA vs 6.5% conventional
$645
per month
$7,744
per year
$232,320
over 30 years
$234,060
interest saved
How gap financing works: The equity gap ($173,492) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($145,242 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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