Loan Comparison: 2.96% vs 6.5%
3642 Darkwood, Colorado Springs, CO 80910 · 4bd/2ba · $310,000
List Price
$310,000
Assumable Rate
2.96%
Remaining Balance
$228,659
Equity Gap
$81,341
Loan Type
VAAdjust Your Scenario
$15,500
$15,500$81,341
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.96% + gap loan
$1,465/moAssumed loan: $959/mo
Gap financing: $506/mo
$396less per month with the assumable
Your Savings on This Property
3642 Darkwood, Colorado Springs · 2.96% VA vs 6.5% conventional
$396
per month
$4,753
per year
$142,585
over 30 years
$142,585
interest saved
How gap financing works: The equity gap ($81,341) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($65,841 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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