Loan Comparison: 4.98% vs 6.5%
2635 Lumberjack, Colorado Springs, CO 80920 · 5bd/4ba · $619,000
List Price
$619,000
Assumable Rate
4.98%
Remaining Balance
$528,891
Equity Gap
$89,281
Loan Type
VAAdjust Your Scenario
$30,950
$30,950$89,281
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (VA)
Blended Rate: 5.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,717/moAssumable @ 4.98% + gap loan
$3,281/moAssumed loan: $2,833/mo
Gap financing: $449/mo
$436less per month with the assumable
Your Savings on This Property
2635 Lumberjack, Colorado Springs · 4.98% VA vs 6.5% conventional
$436
per month
$5,227
per year
$156,824
over 30 years
$155,996
interest saved
How gap financing works: The equity gap ($89,281) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,950, 5% of purchase price) and a second mortgage for the rest ($58,331 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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