Loan Comparison: 2.9% vs 6.5%
5376 Spoked Wheel, Colorado Springs, CO 80923 · 5bd/3ba · $529,000
List Price
$529,000
Assumable Rate
2.9%
Remaining Balance
$340,030
Equity Gap
$229,309
Loan Type
VAAdjust Your Scenario
$26,450
$26,450$229,309
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 4.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,176/moAssumable @ 2.9% + gap loan
$2,975/moAssumed loan: $1,415/mo
Gap financing: $1,560/mo
$201less per month with the assumable
Your Savings on This Property
5376 Spoked Wheel, Colorado Springs · 2.9% VA vs 6.5% conventional
$201
per month
$2,416
per year
$72,483
over 30 years
$112,822
interest saved
How gap financing works: The equity gap ($229,309) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,450, 5% of purchase price) and a second mortgage for the rest ($202,859 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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