Loan Comparison: 2.87% vs 6.5%
8746 Bittercress, Colorado Springs, CO 80925 · 5bd/3ba · $595,000
List Price
$595,000
Assumable Rate
2.87%
Remaining Balance
$389,444
Equity Gap
$205,556
Loan Type
VAAdjust Your Scenario
$29,750
$29,750$205,556
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (VA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.87% + gap loan
$2,967/moAssumed loan: $1,615/mo
Gap financing: $1,352/mo
$606less per month with the assumable
Your Savings on This Property
8746 Bittercress, Colorado Springs · 2.87% VA vs 6.5% conventional
$606
per month
$7,275
per year
$218,245
over 30 years
$218,245
interest saved
How gap financing works: The equity gap ($205,556) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($175,806 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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