Loan Comparison: 2.89% vs 6.5%
7567 Liberty Bell, Colorado Springs, CO 80920 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.89%
Remaining Balance
$399,076
Equity Gap
$75,923
Loan Type
VAAdjust Your Scenario
$20,000
$20,000$75,923
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (VA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.89% + gap loan
$2,089/moAssumed loan: $1,659/mo
Gap financing: $430/mo
$313less per month with the assumable
Your Savings on This Property
7567 Liberty Bell, Colorado Springs · 2.89% VA vs 6.5% conventional
$313
per month
$3,755
per year
$112,652
over 30 years
$187,651
interest saved
How gap financing works: The equity gap ($75,923) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($55,923 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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