Loan Comparison: 2.87% vs 6.5%
6483 Silverwind, Colorado Springs, CO 80923 · 3bd/3ba · $429,000
List Price
$429,000
Assumable Rate
2.87%
Remaining Balance
$371,246
Equity Gap
$57,754
Loan Type
VAAdjust Your Scenario
$21,450
$21,450$57,754
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,576/moAssumable @ 2.87% + gap loan
$1,818/moAssumed loan: $1,539/mo
Gap financing: $279/mo
$758less per month with the assumable
Your Savings on This Property
6483 Silverwind, Colorado Springs · 2.87% VA vs 6.5% conventional
$758
per month
$9,091
per year
$272,724
over 30 years
$272,724
interest saved
How gap financing works: The equity gap ($57,754) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,450, 5% of purchase price) and a second mortgage for the rest ($36,304 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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