Loan Comparison: 2.93% vs 6.5%
730 San Miguel, Colorado Springs, CO 80903 · 2bd/1ba · $468,500
List Price
$468,500
Assumable Rate
2.93%
Remaining Balance
$382,967
Equity Gap
$247,087
Loan Type
VAAdjust Your Scenario
$23,425
$23,425$247,087
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (VA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,813/moAssumable @ 2.93% + gap loan
$3,320/moAssumed loan: $1,600/mo
Gap financing: $1,720/mo
Your Savings on This Property
730 San Miguel, Colorado Springs · 2.93% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($247,087) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,425, 5% of purchase price) and a second mortgage for the rest ($223,662 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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