Loan Comparison: 2.83% vs 6.5%
7219 Issaquah, Colorado Springs, CO 80923 · 5bd/3ba · $630,000
List Price
$630,000
Assumable Rate
2.83%
Remaining Balance
$338,089
Equity Gap
$291,118
Loan Type
VAAdjust Your Scenario
$31,500
$31,500$291,118
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,783/moAssumable @ 2.83% + gap loan
$3,391/moAssumed loan: $1,395/mo
Gap financing: $1,996/mo
$392less per month with the assumable
Your Savings on This Property
7219 Issaquah, Colorado Springs · 2.83% VA vs 6.5% conventional
$392
per month
$4,705
per year
$141,157
over 30 years
$140,364
interest saved
How gap financing works: The equity gap ($291,118) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,500, 5% of purchase price) and a second mortgage for the rest ($259,618 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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