Loan Comparison: 2.83% vs 6.5%
7363 Axis, Colorado Springs, CO 80922 · 3bd/3ba · $425,000
List Price
$425,000
Assumable Rate
2.83%
Remaining Balance
$258,128
Equity Gap
$166,261
Loan Type
VAAdjust Your Scenario
$21,250
$21,250$166,261
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (VA)
Blended Rate: 4.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.83% + gap loan
$2,180/moAssumed loan: $1,065/mo
Gap financing: $1,115/mo
$372less per month with the assumable
Your Savings on This Property
7363 Axis, Colorado Springs · 2.83% VA vs 6.5% conventional
$372
per month
$4,467
per year
$133,996
over 30 years
$133,385
interest saved
How gap financing works: The equity gap ($166,261) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($145,011 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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