Loan Comparison: 2.94% vs 6.5%
1295 Diamond Rim, Colorado Springs, CO 80921 · 4bd/3ba · $600,000
List Price
$600,000
Assumable Rate
2.94%
Remaining Balance
$317,481
Equity Gap
$281,040
Loan Type
VAAdjust Your Scenario
$30,000
$30,000$281,040
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.94% + gap loan
$3,259/moAssumed loan: $1,328/mo
Gap financing: $1,930/mo
$344less per month with the assumable
Your Savings on This Property
1295 Diamond Rim, Colorado Springs · 2.94% VA vs 6.5% conventional
$344
per month
$4,131
per year
$123,929
over 30 years
$122,450
interest saved
How gap financing works: The equity gap ($281,040) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($251,040 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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