Loan Comparison: 2.98% vs 6.5%
2255 Allyn, Colorado Springs, CO 80915 · 4bd/3ba · $445,000
List Price
$445,000
Assumable Rate
2.98%
Remaining Balance
$388,995
Equity Gap
$55,145
Loan Type
VAAdjust Your Scenario
$22,250
$22,250$55,145
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 2.98% + gap loan
$1,889/moAssumed loan: $1,636/mo
Gap financing: $253/mo
$783less per month with the assumable
Your Savings on This Property
2255 Allyn, Colorado Springs · 2.98% VA vs 6.5% conventional
$783
per month
$9,400
per year
$281,991
over 30 years
$281,131
interest saved
How gap financing works: The equity gap ($55,145) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($32,895 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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