Loan Comparison: 2.94% vs 6.5%
1295 Diamond Rim, Colorado Springs, CO 80921 · 4bd/3ba · $625,000
List Price
$625,000
Assumable Rate
2.94%
Remaining Balance
$320,432
Equity Gap
$306,040
Loan Type
VAAdjust Your Scenario
$31,250
$31,250$306,040
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.94% + gap loan
$3,454/moAssumed loan: $1,341/mo
Gap financing: $2,113/mo
$299less per month with the assumable
Your Savings on This Property
1295 Diamond Rim, Colorado Springs · 2.94% VA vs 6.5% conventional
$299
per month
$3,593
per year
$107,784
over 30 years
$109,256
interest saved
How gap financing works: The equity gap ($306,040) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($274,790 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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