Loan Comparison: 2.87% vs 6.5%
9519 Cool Shadow, Colorado Springs, CO 80925 · 3bd/3ba · $415,995
List Price
$415,995
Assumable Rate
2.87%
Remaining Balance
$345,467
Equity Gap
$70,528
Loan Type
VAAdjust Your Scenario
$20,800
$20,800$70,528
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,498/moAssumable @ 2.87% + gap loan
$1,815/moAssumed loan: $1,432/mo
Gap financing: $382/mo
$683less per month with the assumable
Your Savings on This Property
9519 Cool Shadow, Colorado Springs · 2.87% VA vs 6.5% conventional
$683
per month
$8,198
per year
$245,932
over 30 years
$245,932
interest saved
How gap financing works: The equity gap ($70,528) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,800, 5% of purchase price) and a second mortgage for the rest ($49,728 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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