Loan Comparison: 2.96% vs 6.5%
1928 Brookdale, Colorado Springs, CO 80918 · 5bd/5ba · $585,000
List Price
$585,000
Assumable Rate
2.96%
Remaining Balance
$391,231
Equity Gap
$193,769
Loan Type
VAAdjust Your Scenario
$29,250
$29,250$193,769
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (VA)
Blended Rate: 4.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.96% + gap loan
$2,906/moAssumed loan: $1,641/mo
Gap financing: $1,265/mo
$607less per month with the assumable
Your Savings on This Property
1928 Brookdale, Colorado Springs · 2.96% VA vs 6.5% conventional
$607
per month
$7,280
per year
$218,409
over 30 years
$218,409
interest saved
How gap financing works: The equity gap ($193,769) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($164,519 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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