Loan Comparison: 2.98% vs 6.5%
6570 Tranters Creek, Colorado Springs, CO 80925 · 4bd/3ba · $473,470
List Price
$473,470
Assumable Rate
2.98%
Remaining Balance
$392,699
Equity Gap
$79,899
Loan Type
VAAdjust Your Scenario
$23,674
$23,674$79,899
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,843/moAssumable @ 2.98% + gap loan
$2,084/moAssumed loan: $1,651/mo
Gap financing: $432/mo
$759less per month with the assumable
Your Savings on This Property
6570 Tranters Creek, Colorado Springs · 2.98% VA vs 6.5% conventional
$759
per month
$9,112
per year
$273,347
over 30 years
$272,474
interest saved
How gap financing works: The equity gap ($79,899) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,674, 5% of purchase price) and a second mortgage for the rest ($56,225 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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