Loan Comparison: 2.98% vs 6.5%
6678 Cottonwood Tree, Colorado Springs, CO 80927 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.98%
Remaining Balance
$277,703
Equity Gap
$172,910
Loan Type
VAAdjust Your Scenario
$22,500
$22,500$172,910
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.98% + gap loan
$2,324/moAssumed loan: $1,168/mo
Gap financing: $1,157/mo
$378less per month with the assumable
Your Savings on This Property
6678 Cottonwood Tree, Colorado Springs · 2.98% VA vs 6.5% conventional
$378
per month
$4,533
per year
$135,992
over 30 years
$136,605
interest saved
How gap financing works: The equity gap ($172,910) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($150,410 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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