Loan Comparison: 2.84% vs 6.5%
6330 Mirth, Colorado Springs, CO 80924 · 2bd/2ba · $419,000
List Price
$419,000
Assumable Rate
2.84%
Remaining Balance
$295,791
Equity Gap
$123,209
Loan Type
VAAdjust Your Scenario
$20,950
$20,950$123,209
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 2.84% + gap loan
$2,008/moAssumed loan: $1,222/mo
Gap financing: $786/mo
$508less per month with the assumable
Your Savings on This Property
6330 Mirth, Colorado Springs · 2.84% VA vs 6.5% conventional
$508
per month
$6,096
per year
$182,871
over 30 years
$182,871
interest saved
How gap financing works: The equity gap ($123,209) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($102,259 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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