Loan Comparison: 2.98% vs 6.5%
3014 Loot, Colorado Springs, CO 80939 · 4bd/3ba · $449,900
List Price
$449,900
Assumable Rate
2.98%
Remaining Balance
$354,194
Equity Gap
$95,706
Loan Type
VAAdjust Your Scenario
$22,495
$22,495$95,706
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,701/moAssumable @ 2.98% + gap loan
$2,052/moAssumed loan: $1,489/mo
Gap financing: $563/mo
$649less per month with the assumable
Your Savings on This Property
3014 Loot, Colorado Springs · 2.98% VA vs 6.5% conventional
$649
per month
$7,789
per year
$233,670
over 30 years
$233,670
interest saved
How gap financing works: The equity gap ($95,706) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,495, 5% of purchase price) and a second mortgage for the rest ($73,211 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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