Loan Comparison: 2.94% vs 6.5%
8175 Mohawk, Colorado Springs, CO 80908 · 4bd/3ba · $1,050,000
List Price
$1,050,000
Assumable Rate
2.94%
Remaining Balance
$358,311
Equity Gap
$692,527
Loan Type
VAAdjust Your Scenario
$52,500
$52,500$692,527
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (VA)
Blended Rate: 6.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,305/moAssumable @ 2.94% + gap loan
$6,420/moAssumed loan: $1,499/mo
Gap financing: $4,921/mo
Your Savings on This Property
8175 Mohawk, Colorado Springs · 2.94% VA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($692,527) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($52,500, 5% of purchase price) and a second mortgage for the rest ($640,027 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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