Loan Comparison: 2.83% vs 6.5%
6815 Oak Valley, Colorado Springs, CO 80919 · 4bd/3ba · $728,000
List Price
$728,000
Assumable Rate
2.83%
Remaining Balance
$281,888
Equity Gap
$446,112
Loan Type
VAAdjust Your Scenario
$36,400
$36,400$446,112
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 6.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,371/moAssumable @ 2.83% + gap loan
$4,313/moAssumed loan: $1,163/mo
Gap financing: $3,150/mo
$58less per month with the assumable
Your Savings on This Property
6815 Oak Valley, Colorado Springs · 2.83% VA vs 6.5% conventional
$58
per month
$699
per year
$20,984
over 30 years
$20,984
interest saved
How gap financing works: The equity gap ($446,112) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,400, 5% of purchase price) and a second mortgage for the rest ($409,712 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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