Loan Comparison: 2.83% vs 6.5%
1997 Dewhirst, Colorado Springs, CO 80951 · 4bd/4ba · $499,900
List Price
$499,900
Assumable Rate
2.83%
Remaining Balance
$316,340
Equity Gap
$219,560
Loan Type
VAAdjust Your Scenario
$24,995
$24,995$219,560
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.83% + gap loan
$2,801/moAssumed loan: $1,305/mo
Gap financing: $1,496/mo
$201less per month with the assumable
Your Savings on This Property
1997 Dewhirst, Colorado Springs · 2.83% VA vs 6.5% conventional
$201
per month
$2,410
per year
$72,292
over 30 years
$108,292
interest saved
How gap financing works: The equity gap ($219,560) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($194,565 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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