Loan Comparison: 3.02% vs 6.5%
2559 Hot Springs, Colorado Springs, CO 80919 · 4bd/4ba · $565,000
List Price
$565,000
Assumable Rate
3.02%
Remaining Balance
$295,188
Equity Gap
$270,497
Loan Type
VAAdjust Your Scenario
$28,250
$28,250$270,497
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (VA)
Blended Rate: 5.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.02% + gap loan
$3,110/moAssumed loan: $1,248/mo
Gap financing: $1,863/mo
$282less per month with the assumable
Your Savings on This Property
2559 Hot Springs, Colorado Springs · 3.02% VA vs 6.5% conventional
$282
per month
$3,387
per year
$101,608
over 30 years
$102,293
interest saved
How gap financing works: The equity gap ($270,497) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($242,247 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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