Loan Comparison: 2.87% vs 6.5%
855 Greenbrier, Colorado Springs, CO 80916 · 3bd/2ba · $360,000
List Price
$360,000
Assumable Rate
2.87%
Remaining Balance
$283,829
Equity Gap
$76,171
Loan Type
VAAdjust Your Scenario
$18,000
$18,000$76,171
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 2.87% + gap loan
$1,624/moAssumed loan: $1,177/mo
Gap financing: $447/mo
$538less per month with the assumable
Your Savings on This Property
855 Greenbrier, Colorado Springs · 2.87% VA vs 6.5% conventional
$538
per month
$6,451
per year
$193,522
over 30 years
$193,522
interest saved
How gap financing works: The equity gap ($76,171) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($58,171 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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