Loan Comparison: 2.87% vs 6.5%
5214 Janga, Colorado Springs, CO 80924 · 4bd/3ba · $615,000
List Price
$615,000
Assumable Rate
2.87%
Remaining Balance
$468,535
Equity Gap
$180,167
Loan Type
VAAdjust Your Scenario
$30,750
$30,750$180,167
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,693/moAssumable @ 2.87% + gap loan
$3,092/moAssumed loan: $1,943/mo
Gap financing: $1,149/mo
$601less per month with the assumable
Your Savings on This Property
5214 Janga, Colorado Springs · 2.87% VA vs 6.5% conventional
$601
per month
$7,216
per year
$216,470
over 30 years
$250,172
interest saved
How gap financing works: The equity gap ($180,167) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,750, 5% of purchase price) and a second mortgage for the rest ($149,417 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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