Loan Comparison: 2.36% vs 6.5%
6973 Wood Lily, Colorado Springs, CO 80923 · 4bd/4ba · $545,000
List Price
$545,000
Assumable Rate
2.36%
Remaining Balance
$366,955
Equity Gap
$178,045
Loan Type
VAAdjust Your Scenario
$27,250
$27,250$178,045
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.36% (VA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,273/moAssumable @ 2.36% + gap loan
$2,583/moAssumed loan: $1,423/mo
Gap financing: $1,159/mo
$690less per month with the assumable
Your Savings on This Property
6973 Wood Lily, Colorado Springs · 2.36% VA vs 6.5% conventional
$690
per month
$8,276
per year
$248,293
over 30 years
$248,293
interest saved
How gap financing works: The equity gap ($178,045) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,250, 5% of purchase price) and a second mortgage for the rest ($150,795 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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