Loan Comparison: 2.98% vs 6.5%
10764 Witcher, Colorado Springs, CO 80925 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.98%
Remaining Balance
$416,677
Equity Gap
$33,323
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$33,323
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.98% + gap loan
$1,835/moAssumed loan: $1,752/mo
Gap financing: $83/mo
$867less per month with the assumable
Your Savings on This Property
10764 Witcher, Colorado Springs · 2.98% VA vs 6.5% conventional
$867
per month
$10,400
per year
$311,989
over 30 years
$311,989
interest saved
How gap financing works: The equity gap ($33,323) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($10,823 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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