Loan Comparison: 2.88% vs 6.5%
4961 Pearl Lake, Colorado Springs, CO 80924 · 5bd/5ba · $1,050,000
List Price
$1,050,000
Assumable Rate
2.88%
Remaining Balance
$626,285
Equity Gap
$423,715
Loan Type
VAAdjust Your Scenario
$52,500
$52,500$423,715
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 4.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,305/moAssumable @ 2.88% + gap loan
$5,454/moAssumed loan: $2,600/mo
Gap financing: $2,854/mo
$850less per month with the assumable
Your Savings on This Property
4961 Pearl Lake, Colorado Springs · 2.88% VA vs 6.5% conventional
$850
per month
$10,206
per year
$306,170
over 30 years
$306,170
interest saved
How gap financing works: The equity gap ($423,715) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($52,500, 5% of purchase price) and a second mortgage for the rest ($371,215 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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