Loan Comparison: 2.84% vs 6.5%
1908 Timberline, Colorado Springs, CO 80920 · 3bd/2ba · $439,999
List Price
$439,999
Assumable Rate
2.84%
Remaining Balance
$266,570
Equity Gap
$173,429
Loan Type
VAAdjust Your Scenario
$22,000
$22,000$173,429
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (VA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.84% + gap loan
$2,265/moAssumed loan: $1,101/mo
Gap financing: $1,164/mo
$377less per month with the assumable
Your Savings on This Property
1908 Timberline, Colorado Springs · 2.84% VA vs 6.5% conventional
$377
per month
$4,520
per year
$135,606
over 30 years
$135,606
interest saved
How gap financing works: The equity gap ($173,429) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($151,429 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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