Loan Comparison: 2.96% vs 6.5%
6726 Lucky Star, Colorado Springs, CO 80923 · 3bd/3ba · $459,900
List Price
$459,900
Assumable Rate
2.96%
Remaining Balance
$267,722
Equity Gap
$192,178
Loan Type
VAAdjust Your Scenario
$22,995
$22,995$192,178
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.96% + gap loan
$2,424/moAssumed loan: $1,123/mo
Gap financing: $1,301/mo
$338less per month with the assumable
Your Savings on This Property
6726 Lucky Star, Colorado Springs · 2.96% VA vs 6.5% conventional
$338
per month
$4,052
per year
$121,574
over 30 years
$121,574
interest saved
How gap financing works: The equity gap ($192,178) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,995, 5% of purchase price) and a second mortgage for the rest ($169,183 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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