Loan Comparison: 2.98% vs 6.5%
507 23rd, Colorado Springs, CO 80904 · 3bd/2ba · $465,000
List Price
$465,000
Assumable Rate
2.98%
Remaining Balance
$381,892
Equity Gap
$83,108
Loan Type
VAAdjust Your Scenario
$23,250
$23,250$83,108
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (VA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.98% + gap loan
$2,066/moAssumed loan: $1,606/mo
Gap financing: $460/mo
$726less per month with the assumable
Your Savings on This Property
507 23rd, Colorado Springs · 2.98% VA vs 6.5% conventional
$726
per month
$8,711
per year
$261,341
over 30 years
$261,341
interest saved
How gap financing works: The equity gap ($83,108) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($59,858 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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