Loan Comparison: 2.94% vs 6.5%
901 Prickly Pear, Colorado Springs, CO 80921 · 6bd/4ba · $850,000
List Price
$850,000
Assumable Rate
2.94%
Remaining Balance
$183,286
Equity Gap
$483,428
Loan Type
VAAdjust Your Scenario
$42,500
$42,500$483,428
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 6.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,104/moAssumable @ 2.94% + gap loan
$4,157/moAssumed loan: $767/mo
Gap financing: $3,390/mo
$947less per month with the assumable
Your Savings on This Property
901 Prickly Pear, Colorado Springs · 2.94% VA vs 6.5% conventional
$947
per month
$11,361
per year
$340,838
over 30 years
$157,552
interest saved
How gap financing works: The equity gap ($483,428) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,500, 5% of purchase price) and a second mortgage for the rest ($440,928 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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