Loan Comparison: 2.9% vs 6.5%
526 Hancock, Colorado Springs, CO 80903 · 3bd/2ba · $290,000
List Price
$290,000
Assumable Rate
2.9%
Remaining Balance
$254,426
Equity Gap
$35,573
Loan Type
VAAdjust Your Scenario
$14,500
$14,500$35,573
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (VA)
Blended Rate: 3.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.9% + gap loan
$1,221/moAssumed loan: $1,059/mo
Gap financing: $162/mo
$520less per month with the assumable
Your Savings on This Property
526 Hancock, Colorado Springs · 2.9% VA vs 6.5% conventional
$520
per month
$6,244
per year
$187,314
over 30 years
$187,313
interest saved
How gap financing works: The equity gap ($35,573) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($21,073 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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